Author: International Monetary Fund. Policy Development and Review Dept.Publisher: International Monetary Fund
ISBN: 1498331416
Category : Business & Economics
Languages : en
Pages : 12
Book Description
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Information Note on Modifications to the Fund's Debt Sustainability Assessment Framework for Market Access Countries
Author: International Monetary Fund. Policy Development and Review Dept.Publisher: International Monetary Fund
ISBN: 1498331416
Category : Business & Economics
Languages : en
Pages : 12
Book Description
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Review of The Debt Sustainability Framework For Market Access Countries
Author: International Monetary Fund. Strategy, Policy, & Review DepartmentPublisher: International Monetary Fund
ISBN: 1513568329
Category : Business & Economics
Languages : en
Pages : 124
Book Description
A careful review has revealed significant scope to modernize and better align the MAC DSA with its objectives and the IMF’s lending framework. This note proposes replacing the current framework with a new methodology based on risk assessments at three different horizons. Extensive testing has shown that the proposed framework has much better predictive accuracy than the current one. In addition to predicting sovereign stress, the framework can be used to derive statements about debt stabilization under current policies and about debt sustainability.
The Fund’s Lending Framework and Sovereign Debt - Annexes
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1498343333
Category : Business & Economics
Languages : en
Pages : 112
Book Description
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Sovereign Debt Restructurings 1950-2010
Author: Mr.Udaibir S. DasPublisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
Book Description
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries
Author: International Monetary Fund. Fiscal Affairs Dept.Publisher: International Monetary Fund
ISBN: 1498341845
Category : Business & Economics
Languages : en
Pages : 55
Book Description
The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.
Guidance Note For Developing Government Local Currency Bond Markets
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1513573926
Category : Business & Economics
Languages : en
Pages : 157
Book Description
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
The Fund's Lending Framework and Sovereign Debt-Further Considerations
Author: Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781498344739
Category : Business & Economics
Languages : en
Pages : 99
Book Description
In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Sustainability of External Imbalances
Author: Angélique HerzbergPublisher: Springer
ISBN: 3658070919
Category : Political Science
Languages : en
Pages : 336
Book Description
Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy ́s net international investment position to its trade balance.
Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1498338631
Category : Business & Economics
Languages : en
Pages : 59
Book Description
Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.
A Primer on Managing Sovereign Debt-Portfolio Risks
Author: Thordur JonassonPublisher: International Monetary Fund
ISBN: 1484350545
Category : Business & Economics
Languages : en
Pages : 133
Book Description
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.