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  1. On the benefits of repaying
    Author: Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; Panizza, Ugo
    Published: September 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513596136
    Other identifier:
    Series: IMF working paper ; WP/21, 233
    Subjects: Sovereign Debt; Default; Reputation
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. On the benefits of repaying
    Author: Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; Panizza, Ugo
    Published: 12 September 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16539
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. On the benefits of repaying
    Author: Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; Panizza, Ugo
    Published: [2021]
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research... more

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    This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia's fundamentals were not significantly different from those of the Latin American countries that defaulted on their debts. We also document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in the international capital market would have substantial long-term payoffs. We show that the case of Colombia is more complex than what it is commonly assumed. Although Colombia had to re-profile its debts, high-level political support from the US allowed Colombia do to so outside the standard framework of an IMF program. Our counterfactual analysis shows that in the short to medium run, Colombia benefited from avoiding an explicit default. Specifically, we find that GDP growth in the 1980s was higher than that of a counterfactual in which Colombia behaved like its neighboring countries. We also test whether Colombia's behavior in the 1980s led to long-term reputational benefits. Using an event study based on a large sudden stop, we find no evidence for such long-lasting reputational gains.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/245904
    Series: Quaderni - working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 1163
    Subjects: Sovereign Debt; Default; Reputation
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. On the benefits of repaying
    Author: Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; Panizza, Ugo
    Published: September 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

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    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513596136
    Other identifier:
    Series: IMF working paper ; WP/21, 233
    Subjects: Sovereign Debt; Default; Reputation
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  5. On the benefits of repaying
    Author: Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; Panizza, Ugo
    Published: September 2021
    Publisher:  Graduate Institute of International and Development Studies, International Economics Department, Geneva, Switzerland

    This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 272
    Inter-library loan:
    No inter-library loan

     

    This paper studies whether countries benefit from servicing their debts during times of widespread sovereign defaults. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia's fundamentals were not significantly different from those of the Latin American countries that defaulted on their debts. We also document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in the international capital market would have substantial long-term payoffs. We show that the case of Colombia is more complex than what it is commonly assumed. Although Colombia had to re-profile its debts, high-level political support from the US allowed Colombia to do so outside the standard framework of an IMF program. Our counterfactual analysis shows that in the short to medium run, Colombia benefited from avoiding an explicit default. Specifically, we find that GDP growth in the 1980s was higher than that of a counterfactual in which Colombia behaved like its neighboring countries. We also test whether Colombia's behavior in the 1980s led to long-term reputational benefits. Using an event study based on a large sudden stop, we find no evidence for such long-lasting reputational gains.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/253252
    Series: Working paper series / Graduate Institute of International and Development Studies, International Economics Department ; no. HEIDWP2021, 18
    Subjects: Sovereign Debt; Default; Reputation
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen