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How Private Creditors Fared in Emerging Debt Markets, 1970-2000

Zettelmeyer, Jeromin; Weder, Beatrice; Klingen, Christoph - International Monetary Fund (IMF) - 2004

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s...

Persistent link: https://www.econbiz.de/10005264003

Growth Empirics Under Model Uncertainty; Is Africa Different?

Tsangarides, Charalambos G. - International Monetary Fund (IMF) - 2005

This paper attempts to identify robust patterns of cross-country growth behavior in the world as a whole and Africa. It employs a novel methodology that incorporates a dynamic panel estimator, and Bayesian Model Averaging to explicitly account for model uncertainty. The findings indicate that:...

Persistent link: https://www.econbiz.de/10005264072

The Sub-Saharan African Debt Problem: An Update

Greene, Joshua E. - International Monetary Fund (IMF) - 1992

cancellation by bilateral creditors and the general application of Toronto terms for debt rescheduling. There are also proposals …

Persistent link: https://www.econbiz.de/10005264073

Debt Relief Under the HIPC Initiative; Context and Outlook for Debt Sustainability and Resource Flow

Ross, Doris C.; Abrego, Lisandro - International Monetary Fund (IMF) - 2001

This paper discusses the Heavily Indebted Poor Countries (HIPC) Initiative in the perspective of sizable historical debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reducing HIPCs’ debt stocks and debt service payments, the Initiative provides a...

Persistent link: https://www.econbiz.de/10005264094

A Model of the Imf As a Coinsurance Arrangement

Chami, Ralph; Shim, Ilhyock; Sharma, Sunil - International Monetary Fund (IMF) - 2004

The paper shows that a coinsurance arrangement among countries can, in principle, play a useful role in helping countries bear the risks involved in developing their economies and integrating into the global financial system. The operation of the coinsurance arrangement is examined under...

Persistent link: https://www.econbiz.de/10005264158

Fiscal Rules and the Sovereign Default Premium

Hatchondo, Juan Carlos; Roch, Francisco; Martinez, Leonardo - International Monetary Fund (IMF) - 2012

This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government...

Persistent link: https://www.econbiz.de/10009650638

Mortgage Defaults

Martinez, Leonardo; Hatchondo, Juan Carlos; Sanchez, Juan M. - International Monetary Fund (IMF) - 2012

This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the...

Persistent link: https://www.econbiz.de/10009650640

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

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 … types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that …

Persistent link: https://www.econbiz.de/10005825629

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 in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional...

Persistent link: https://www.econbiz.de/10005825635