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  1. Life after default
    private vs. official sovereign debt restructurings
    Author: Marchesi, Silvia; Masi, Tania
    Published: June 2018
    Publisher:  Centro Studi Luca d'Agliano, [Milano]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Development studies working papers / Centro Studi Luca d'Agliano ; n. 437
    Subjects: Haircuts; Outputlosses; Sovereign defaults
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  2. Sovereign debt standstills
    Author: Hatchondo, Juan Carlos; Martinez, Leonardo; Sosa Padilla, César
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default... more

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    As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill generates welfare gains for the sovereign equivalent to a permanent consumption increase of between 0.1% and 0.3%, depending on the initial shock. However, except when it avoids a default, the standstill also implies capital losses for creditors of between 9% and 27%, which is consistent with their reluctance to participate in these operations and indicates that this reluctance would persist even without a free-riding or holdout problem. Standstills also generate a form of 'debt overhang' and thus the opportunity for a 'voluntary debt exchange': complementing the standstill with haircuts could reduce creditors' losses and simultaneously increase welfare gains. Our results cast doubts on the emphasis on standstills without haircuts

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513564531
    Other identifier:
    Series: IMF working paper ; WP/20, 290
    Subjects: Debt relief; Standstill; Haircuts; COVID-19; Default; Debt Overhang; Voluntary Debt Exchange
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. Life after default?
    private vs. official sovereign debt restructurings
    Author: Marchesi, Silvia
    Published: August 2016
    Publisher:  Centro Studi Luca d'Agliano, [Milano]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Development studies working papers / Centro Studi Luca d'Agliano ; n. 398
    Subjects: Haircuts; Output losses; Sovereign defaults
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  4. Sovereign bond prices, haircuts and maturity
    Author: Niepelt, Dirk
    Published: [2022]
    Publisher:  Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics, Bern, Switzerland

    We document that creditor losses ("haircuts") during sovereign debt restructurings vary across debt maturity. In our novel dataset on instrument-specific haircuts suffered by private creditors in 1999-2020 we find larger losses on short- than... more

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    We document that creditor losses ("haircuts") during sovereign debt restructurings vary across debt maturity. In our novel dataset on instrument-specific haircuts suffered by private creditors in 1999-2020 we find larger losses on short- than long-term debt, independently of the specific haircut measure we use. A standard asset pricing model rationalizes our findings under two assumptions, both of which are satisfied in the data: increasing short-run restructuring risk in the run-up to a restructuring, and high exit yields. We relate our findings to the policy debate on restructuring procedures.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/266518
    Series: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 22, 13 (November, 2022)
    Subjects: Sovereign Debt; Sovereign Default; Debt Restructuring; Bond Prices; Haircuts; Maturity; Restructuring Probability
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  5. Sovereign debt standstills
    Author: Hatchondo, Juan Carlos; Martinez, Leonardo; Sosa Padilla, César
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default... more

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    As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill generates welfare gains for the sovereign equivalent to a permanent consumption increase of between 0.1% and 0.3%, depending on the initial shock. However, except when it avoids a default, the standstill also implies capital losses for creditors of between 9% and 27%, which is consistent with their reluctance to participate in these operations and indicates that this reluctance would persist even without a free-riding or holdout problem. Standstills also generate a form of 'debt overhang' and thus the opportunity for a 'voluntary debt exchange': complementing the standstill with haircuts could reduce creditors' losses and simultaneously increase welfare gains. Our results cast doubts on the emphasis on standstills without haircuts

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513564531
    Other identifier:
    Series: IMF working paper ; WP/20, 290
    Subjects: Debt relief; Standstill; Haircuts; COVID-19; Default; Debt Overhang; Voluntary Debt Exchange
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen