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Sovereign Default, Private Sector Creditors and the IFIs
Boz, Emine - International Monetary Fund (IMF) - 2009
This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions...
Persistent link: https://www.econbiz.de/10005825629
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Public Debt Markets in Central America, Panama, and the Dominican Republic
Jobst, Andreas; Valderrama, Laura; Guerra, Ivan; Shah, … - International Monetary Fund (IMF) - 2007
This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons …. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure …
Persistent link: https://www.econbiz.de/10005825635
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The Landscape of Capital Flows to Low-Income Countries
Dorsey, Thomas William; Brixiova, Zuzana; Singh, Sukhwinder - International Monetary Fund (IMF) - 2008
This paper reviews trends in capital flows and capital-like flows such as official grants and remittances to low-income countries over the period 1981-2006. The survey reveals a broadbased increase in such flows as a share of low-income country GDP across major regions, countries with differing...
Persistent link: https://www.econbiz.de/10005825777
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Stabilization, Debt, and Fiscal Policy in the Caribbean
Sahay, Ratna - International Monetary Fund (IMF) - 2005
years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen …. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been …
Persistent link: https://www.econbiz.de/10005825988
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Distortionary Taxation and the Debt Laffer Curve
Husain, Aasim M. - International Monetary Fund (IMF) - 1992
This paper highlights the importance of the role of the domestic tax system in determining the economic consequences of an external debt overhang. A simple taxation scheme is specified and it is shown that a country can be on the “wrong side” of its debt Laffer curve only if it is on the...
Persistent link: https://www.econbiz.de/10005826028
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Public Financial Management and Fiscal Outcomes in Sub-Saharan African Heavily-Indebted Poor Countries
Cabezon, Ezequiel; Prakash, Tej - International Monetary Fund (IMF) - 2008
This paper examines, in a formal econometric framework, the linkages between public financial management and fiscal …, but none in the context of low-income countries. Using public financial management indicators, as measured in two recent … assessments related to the Heavily-Indebted Poor Countries Initiative, this study shows that improving public financial management …
Persistent link: https://www.econbiz.de/10005826431
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Empirical Evidenceon the New International Aid Architecture
Cassimon, Danny; Claessens, Stijn; Campenhout, Bjorn Van - International Monetary Fund (IMF) - 2007
We study how 22 donors allocate their bilateral aid among 147 recipient countries over the 1970- 2004 period to investigate whether changes in the international aid architecture?at the international and country level?have led to changes in behavior. We find that after the fall of the Berlin...
Persistent link: https://www.econbiz.de/10005826448
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The Corporation of Foreign Bondholders
Mauro, Paolo; Yafeh, Yishay - International Monetary Fund (IMF) - 2003
This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond finance, 1870-1913, and in the aftermath of the defaults of the 1930s. It fostered...
Persistent link: https://www.econbiz.de/10005826518
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The Dynamic Implications of Debt Relief for Low-Income Countries
Bulir, Ales; Romero-Barrutieta, Alma; … - International Monetary Fund (IMF) - 2011
The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption requirement and an endogenous relief probability, we show...
Persistent link: https://www.econbiz.de/10009203529
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Corporate and Household Debt Distress in Latvia; Strengthening the Incentives for a Market-Based Approach to Debt Resolution
Saxegaard, Magnus; Erbenova, Michaela; Liu, Yan - International Monetary Fund (IMF) - 2011
This paper reviews Latvia’s efforts to manage the increase in debt distress resulting from the unwinding of the 2000-07 credit boom and spillovers from the global financial crisis. The authorities have designed a strategy that strengthens incentives for marked-based debt resolution by...
Persistent link: https://www.econbiz.de/10009019565