Serial Sovereign Defaults and Debt Restructurings
mar 2016. · International Monetary Fund
E-knjiga
45
Broj stranica
Alati
info
O ovoj e-knjizi
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.
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 pap...
Otkrijte više
Ocijenite ovu e-knjigu
Recite nam šta mislite.
Informacije o čitanju
Pametni telefoni i tableti
Instalirajte aplikaciju Google Play Knjige za Android i iPad/iPhone uređaje. Aplikacija se automatski sinhronizira s vašim računom i omogućava vam čitanje na mreži ili van nje gdje god da se nalazite.
Laptopi i računari
Audio knjige koje su kupljene na Google Playu možete slušati pomoću web preglednika na vašem računaru.
Elektronički čitači i ostali uređaji
Da čitate na e-ink uređajima kao što su Kobo e-čitači, morat ćete preuzeti fajl i prenijeti ga na uređaj. Pratite detaljne upute Centra za pomoć da prenesete fajlove na podržane e-čitače.
