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Bestseller
BestsellerE-book
Author Asonuma, Tamon (IMF staff)

Title Serial sovereign defaults and debt restructurings / prepared by Tamon Asonuma.

Publication Info. Tustin, CA : Xist Publishing, 2015.
[Washington, D.C.] : International Monetary Fund, 2016.
©2016

Item Status

Description 1 online resource (45 pages) : illustrations.
data file
Series IMF Working Paper, 1018-5941 ; WP/16/66
IMF working paper ; WP/16/66.
Note "March 2016."
"Research Department."
"WP/16/65" on page [one] refers to: Natural disasters and food crises in low-income countries.
Bibliography Includes bibliographical references (pages 41-44).
Summary Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These countries actually have repeated defaults or restructurings in short periods. This paper explains these stylized facts within a dynamic stochastic general equilibrium framework by explicitly modeling renegotiations between a defaulting country and its creditors. The quantitative analysis of the model reveals that the equilibrium probability of default for a given debt-to-GDP level is weakly increasing with the number of past defaults. The model also accords with an additional fact: lower recovery rates (high NPV haircuts) are associated with increases in spreads at renegotiation.--Abstract.
Local Note eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America
Subject Debts, Public -- Developing countries -- Econometric models.
Debts, Public.
Developing countries.
Econometric models.
Debt relief -- Developing countries -- Econometric models.
Debt relief.
Genre/Form Electronic books.
Added Author International Monetary Fund. Research Department, issuing body.
Other Form: Print Version: Asonuma, Tamon. Serial Sovereign Defaults and Debt Restructurings. Washington, D.C. : International Monetary Fund, 2016 9781513596648
ISBN 9781475521818 (electronic book)
1475521812 (electronic book)
1513596640
9781513596648
9781513596648
1475561954
9781475561951
ISSN 1018-5941
Standard No. 10.5089/9781513596648.001