Sovereign Default Risk Valuation Implications of Debt Crises and Bond Restructurings /

Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructur...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Andritzky, Jochen (Autor)
Autor Corporativo: SpringerLink (Online service)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Berlin, Heidelberg : Springer Berlin Heidelberg : Imprint: Springer, 2006.
Edición:1st ed. 2006.
Colección:Lecture Notes in Economics and Mathematical Systems, 582
Temas:
Economics.
Mathematics.
Finance.
Macroeconomics.
Finance, Public.
Economic policy.
Financial Economics.
Macroeconomics and Monetary Economics.
Public Economics.
Economic Policy.
Acceso en línea:Texto Completo

MARC

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245 1 0 |a Sovereign Default Risk Valuation  |h [electronic resource] :  |b Implications of Debt Crises and Bond Restructurings /  |c by Jochen Andritzky. 
250 |a 1st ed. 2006. 
264 1 |a Berlin, Heidelberg :  |b Springer Berlin Heidelberg :  |b Imprint: Springer,  |c 2006. 
300 |a XII, 251 p. 43 illus.  |b online resource. 
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490 1 |a Lecture Notes in Economics and Mathematical Systems,  |x 2196-9957 ;  |v 582 
505 0 |a Sovereign Lending and Default -- Sovereign Restructuring -- Modeling Sovereign Default Risk -- Empirical Estimations -- Credit Default Swaps -- Conclusion. 
520 |a Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructuring. This book shows why investors should reckon with similar credit events in the future. Insights gained from recent restructurings inspire the design of a valuation model for sovereign bonds. Using the distinction between hard and soft restructurings, the model draws parallels to the concepts of face value and market value recovery. An extension into credit default swap markets explains why bond and CDS spreads diverge during distress. This survey of the sovereign bond market provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions. 
650 0 |a Economics. 
650 0 |a Mathematics. 
650 0 |a Finance. 
650 0 |a Macroeconomics. 
650 0 |a Finance, Public. 
650 0 |a Economic policy. 
650 1 4 |a Economics. 
650 2 4 |a Mathematics. 
650 2 4 |a Financial Economics. 
650 2 4 |a Macroeconomics and Monetary Economics. 
650 2 4 |a Public Economics. 
650 2 4 |a Economic Policy. 
710 2 |a SpringerLink (Online service) 
773 0 |t Springer Nature eBook 
776 0 8 |i Printed edition:  |z 9783540827894 
776 0 8 |i Printed edition:  |z 9783540374480 
830 0 |a Lecture Notes in Economics and Mathematical Systems,  |x 2196-9957 ;  |v 582 
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912 |a ZDB-2-SXEF 
950 |a Business and Economics (SpringerNature-11643) 
950 |a Economics and Finance (R0) (SpringerNature-43720) 

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