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Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change?
Anthony, Myrvin - 2020
This paper examines the causes, processes, and outcomes of Barbados' 2018-19 sovereign debt restructuring-its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action...
Persistent link: https://www.econbiz.de/10012839317
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Lost and Found : Market Access and Public Debt Dynamics
Cottarelli, Carlo - 2017
The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt...
Persistent link: https://www.econbiz.de/10012962136
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Pricing Sovereign Debt in Resource-Rich Economies
McGregor, Thomas - 2019
equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous sovereign default risk. The …
Persistent link: https://www.econbiz.de/10012858384
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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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Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out
Broner, Fernando - 2014
In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010,they were facing severe debt problems. Spreads increased and, surprisingly,...
Persistent link: https://www.econbiz.de/10013059093
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An Apocalypse Foretold : Climate Shocks and Sovereign Defaults
Cevik, Serhan; Jalles, João Tovar - 2021
economic consequences of climate change, research on the link between climate change and sovereign default risk is nonexistent … probability of sovereign debt default. Using a sample of 116 countries over the period 1995-2017, we find that climate change … vulnerability and resilience have significant effects on the probability of sovereign debt default, especially among low …
Persistent link: https://www.econbiz.de/10013252051
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The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads
Belhocine, Nazim - 2013
How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the primary balance – in an otherwise standard spread...
Persistent link: https://www.econbiz.de/10013080852
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Government Financial Assets and Debt Sustainability
Henao Arbelaez, Camila - 2017
Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to...
Persistent link: https://www.econbiz.de/10012948529
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Sovereign Debt Restructurings in Grenada : Causes, Processes, Outcomes, and Lessons Learned
Asonuma, Tamon - 2017
This paper documents the two debt restructurings that Grenada undertook in 2004-06 and 2013-15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity...
Persistent link: https://www.econbiz.de/10012948531
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Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?
Asonuma, Tamon - 2018
This paper examines the causes, processes, and outcomes of Belize's 2016-17 sovereign debt restructuring-its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006-07 and in 2012-13, the 2016-17 debt restructuring was executed through collaborative engagement...
Persistent link: https://www.econbiz.de/10012913906