We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long …-term debt contracts subject to standard contracting frictions: the country cannot commit to repay its debts nor to a specific … path of future debt issues, and contracts cannot be made state contingent nor renegotiated. We show that in order to …

This paper presents a principal-agent model of IMF conditional lending, in the aftermath of a "capital … for the provision of efficient emergency lending and reducing inefficient ex-ante credit rationing if the capital outflow … Architecture. We show that debtor moral hazard is only a concern if the IMF cannot commit to make the post-crisis participation …

This issue brief examines the International Monetary Fund's (IMF's) economic growth projections for Latin America and … the Caribbean through 2014. It finds that for some countries – most notably Venezuela and Argentina – the IMF … downturn, such as Mexico, recover. In other cases, such as Haiti, the IMF projects a surprisingly big growth spurt. …

the International Monetary Fund (IMF). The White House's Office of Management and Budget originally proposed the $108 … between the U.S. Treasury's borrowing costs and interest received from the IMF. These estimates are conservative and …

In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

basic aspects of the dynamics and management offoreign debt in the perspective of the emerging countries. Minsky …

basic aspects of the dynamics and management offoreign debt in the perspective of the emerging countries. Minsky …

the government sector or just on the gross debt, as in the case of Reinhart and Rogoff (2010) and Cecchetti et al. (2011 …). This paper conducts an aggregate analysis of the debt positions of the euro area countries, taking account not only of the … public debt but also of private sector debt and the financial assets of the various sectors (net debt). On the basis of this …

developing regions have regained access to both debt and equity issuance, the pace of recovery of capital inflows has been …