Serial Sovereign Defaults and Debt Restructurings PDF (Adobe DRM) download by Tamon Mr. Asonuma

Serial Sovereign Defaults and Debt Restructurings

INTERNATIONAL MONETARY FUND
Publication date: March 2016
ISBN: 9781475521818
Digital Book format: PDF (Adobe DRM)

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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.
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Serial Sovereign Defaults and Debt Restructurings PDF (Adobe DRM) download by Tamon Mr. Asonuma
INTERNATIONAL MONETARY FUND, March 2016
ISBN: 9781475521818
EAN:  9781475521818
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99
Serial Sovereign Defaults and Debt Restructurings ePub (Adobe DRM) download by Tamon Mr. Asonuma
INTERNATIONAL MONETARY FUND, March 2016
ISBN: 9781475524697
EAN:  9781475524697
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
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