Trade Costs of Sovereign Debt Restructurings

Released on by Mr.Tamon Asonuma
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  • Trade Costs of Sovereign Debt Restructurings Book Detail

  • Author : Mr.Tamon Asonuma
  • Release Date : 2016-11-15
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 57
  • ISBN 13 : 1475553854
  • File Size : 61,61 MB
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Trade Costs of Sovereign Debt Restructurings by Mr.Tamon Asonuma PDF Summary

Book Description: Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country’s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring.

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Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010

File Size : 25,25 MB
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This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first comple