Download or read book Intercreditor Equity in Sovereign Debt Restructurings written by Astrid Iversen and published by Oxford University Press. This book was released on 2023-02-23 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and examines how they influence the restructuring process.
Download or read book Intercreditor Distribution in Sovereign Debt Restructuring written by Mr.Ousmene Mandeng and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-09-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intercreditor equity represents one of the main objectives of bankruptcy proceedings. Yet, recent restructurings of sovereign debt suggest that violation of intercreditor equity is common. While existing contractual provisions, and guidelines issued by creditor committees, establish fundamental principles about creditor treatment, they seem to remain too vague to guide debt restructuring processes effectively. The paper focuses on distribution, and argues that lack of clear guidelines for distribution may complicate and delay the resolution process and induce undue uncertainty about the predictability and viability of the restructuring outcome. The paper discusses and proposes parameters which may contribute to establishing explicit principles for the assessment of intercreditor equity in distribution.
Download or read book A New Approach to Sovereign Debt Restructuring written by Anne O. Krueger and published by International Monetary Fund. This book was released on 2002-04-16 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.
Download or read book Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2023-06-23 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining guiding principles applicable to information sharing, it provides guidance on what level of information can be shared during each stage of the restructuring and program design process and in the surveillance context
Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-07-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.
Download or read book Structuring and Restructuring Sovereign Debt written by Mr.Patrick Bolton and published by International Monetary Fund. This book was released on 2007-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.
Download or read book Intercreditor Distribution in Sovereign Debt Restructuring written by Ousmène Mandeng and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Problem that Wasn t written by Ran Bi and published by International Monetary Fund. This book was released on 2011-11-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpretations for why they did not materialize. When the exchange offer is sufficiently attractive vis-à-vis holding out, full participation can be an equilibrium. Legal innovations such as minimum participation thresholds and defensive exit consents helped coordinate creditors and avoid litigation. Unlike CACs, exit consents can be exploited to force high haircuts on creditors, but the ability of creditors to coordinate to block exit consents can limit overly aggressive use.
Download or read book Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings written by Ms.Julie Kozack and published by International Monetary Fund. This book was released on 2005-12-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.
Download or read book Sovereign Debt Restructuring Recent Developments and Implications for the Fund s Legal and Policy Framework written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2013-04-26 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.
Download or read book Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book A Survey of Experiences with Emerging Market Sovereign Debt Restructurings written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-05-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press, USA. This book was released on 2019 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.
Download or read book Key Issues in Sovereign Debt Restructuring written by and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Sovereign Debt Restructuring and Debt Sustainability written by Harald Finger and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Identifying and Resolving Inter creditor and Debtor creditor Equity Issues in Sovereign Debt Restructuring written by and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: These include: tighter regulation of sovereign credit default swap (SCDS) contracts; the provision of a greater role for debt reprofiling and bondholder aggregation; Domenico Lombardi is director of the development of common rules and norms for valuing public and private concessions CIGI's Global Economy program, overseeing the research direction of in sovereign debt restructurings; and the establ [...] The purpose, here, is not to analyze the strengths and weaknesses of various approaches or endorse one over another, but rather to focus on a few of the effects of incomplete contracts and the absence of a more comprehensive sovereign bankruptcy regime in terms of inter-creditor and debtor-creditor equity and the related issues of efficiency in sovereign debt restructuring. [...] CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. [...] The Environmental Risk Disclosure Regime: Reforming the Global Architecture of Financial Navigating Complexity in Global Financial Regulation: The G20, the IMF and the FSB Markets CIGI Papers No. [...] ORG/BOOKSTORE Off Balance: The Travails Crisis and Reform: Canada of Institutions That Govern and the International the Global Financial System Financial System Paul Blustein Edited by Rohinton Medhora Paperback: $28.00; and Dane Rowlands eBook: $14.00 Paperback: $32.00; The latest book from eBook: $16.00 award-winning journalist The 28th edition of the and author Paul Blustein Canada Among Nation.
Download or read book Identifying and Resolving Inter creditor and Debtor creditor Equity Issues in Sovereign Debt Restructuring written by Skylar Brooks and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
