The New Approach to Sovereign Debt Restructuring

Released on by Mr.Biaggio Bossone
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  • The New Approach to Sovereign Debt Restructuring Book Detail

  • Author : Mr.Biaggio Bossone
  • Release Date : 2002-03-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 27
  • ISBN 13 : 1451973594
  • File Size : 78,78 MB
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The New Approach to Sovereign Debt Restructuring by Mr.Biaggio Bossone PDF Summary

Book Description: The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the IMF First Deputy Managing Director. The structure of incentives in the mechanism should be consistent with the principle of favoring market-oriented, voluntary solutions to financial crises. The paper frames the mechanism in the context of involving the private sector in financial crisis resolution (PSI), and identifies the conditions for setting up an appropriate incentive structure. The paper explores issues relating to the functioning of the mechanism, including access policy on IMF resources; the power to activate the mechanism; its relation with intermediate PSI instruments; and its impact on investment in emerging markets.

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