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|c 5.00 USD
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|z 9781513596648
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Asonuma, Tamon.
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|a Serial Sovereign Defaults and Debt Restructurings /
|c Tamon Asonuma.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (45 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2016/066
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/066/001.2016.issue-066-en.xml
|z IMF e-Library
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