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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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Boz, Emine (Autor)
Autores Corporativos: International Monetary Fund, IMF Institute
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/46.
Temas:
Government securities.
Debts, External.
Effets publics.
Dettes extérieures.
Debts, External
Government securities
Acceso en línea:Texto completo
Descripción
Sumario: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.
Notas:At head of title: IMF Institute.
"March 2009."
Descripción Física:1 online resource (27 pages) : color illustrations
Bibliografía:Includes bibliographical references (pages 20-21).

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