Sovereign Default, Private Sector Creditors and the IFIs:
This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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Schriftenreihe: | IMF Working Papers
Working Paper No. 09/46 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock |
Beschreibung: | 1 Online-Ressource (29 p) |
ISBN: | 1451871945 9781451871944 |
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spelling | Boz, Emine Verfasser aut Sovereign Default, Private Sector Creditors and the IFIs Boz, Emine Washington, D.C International Monetary Fund 2009 1 Online-Ressource (29 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/46 This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock Online-Ausg http://elibrary.imf.org/view/IMF001/09934-9781451871944/09934-9781451871944/09934-9781451871944.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Boz, Emine Sovereign Default, Private Sector Creditors and the IFIs |
title | Sovereign Default, Private Sector Creditors and the IFIs |
title_auth | Sovereign Default, Private Sector Creditors and the IFIs |
title_exact_search | Sovereign Default, Private Sector Creditors and the IFIs |
title_exact_search_txtP | Sovereign Default, Private Sector Creditors and the IFIs |
title_full | Sovereign Default, Private Sector Creditors and the IFIs Boz, Emine |
title_fullStr | Sovereign Default, Private Sector Creditors and the IFIs Boz, Emine |
title_full_unstemmed | Sovereign Default, Private Sector Creditors and the IFIs Boz, Emine |
title_short | Sovereign Default, Private Sector Creditors and the IFIs |
title_sort | sovereign default private sector creditors and the ifis |
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