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Sovereign Debt Repatriation During Crises
Arslanalp, Serkan; Sunder-Plassmann, Laura - 2022
We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...
Persistent link: https://www.econbiz.de/10013288911
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Sovereign Debt
Martinez, Leonardo; Roch, Francisco; Roldán, Francisco; … - 2022
This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...
Persistent link: https://www.econbiz.de/10014081238
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Restructuring Domestic Sovereign Debt : An Analytical Illustration
Grigorian, David - 2023
Sovereign domestic debt restructurings have become more common in recent years and touched upon a growing share of total public debt. This paper offers a simple framework for policymakers to think about the decision whether to restructure domestic sovereign debt as part of an effort to reduce...
Persistent link: https://www.econbiz.de/10014261091
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Sovereign Debt Restructurings in Belize : Achievements and Challenges Ahead
Asonuma, Tamon - 2014
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external...
Persistent link: https://www.econbiz.de/10013048566
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Debt Seniority and Sovereign Debt Crises
Ari, Anil - 2018
the junior one. We show that there is a lower thresholdfor senior bonds above which tranching can eliminate default on …
Persistent link: https://www.econbiz.de/10012913932
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Fiscal Transparency, Borrowing Costs, and Foreign Holdings of Sovereign Debt
Kemoe, Laurent - 2018
This paper explores the effects of fiscal transparency on the borrowing costs of 33 emerging and developing economies (EMs), and on foreign demand for their sovereign debt. Using multiple indicators, including a constructed one based on the published data in the IMF's Government Finance...
Persistent link: https://www.econbiz.de/10012910360
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Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics
Asonuma, Tamon - 2016
Emerging countries experience real exchange rate depreciations around defaults. In this paper, we examine this observed pattern empirically and through the lens of a dynamic stochastic general equilibrium model. The theoretical model explicitly incorporates bond issuances in local and foreign...
Persistent link: https://www.econbiz.de/10012996064
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Sovereign ESG Bond Issuance : A Guidance Note for Sovereign Debt Managers
Lindner, Peter; Chung, Kay - 2023
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing … operational requirements and costs that the issuance of sovereign ESG bonds entails. While green bonds are the instruments used to … describe the issuance process, the paper also covers alternative instruments, including social and sustainability-linked bonds …
Persistent link: https://www.econbiz.de/10014350469
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Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies
Baldacci, Emanuele - 2013
This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during...
Persistent link: https://www.econbiz.de/10013071366
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Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries
Bi, Huixin - 2014
This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays...
Persistent link: https://www.econbiz.de/10013055258