The Dynamics of Sovereign Debt Crises and Bailouts

Released on by Mr.Francisco Roch
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  • The Dynamics of Sovereign Debt Crises and Bailouts Book Detail

  • Author : Mr.Francisco Roch
  • Release Date : 2016-07-11
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 46
  • ISBN 13 : 1475581025
  • File Size : 3,3 MB
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The Dynamics of Sovereign Debt Crises and Bailouts by Mr.Francisco Roch PDF Summary

Book Description: Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.

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Bailouts Or Bail-Ins?

Bailouts Or Bail-Ins?

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The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and