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  1. You never give me your money?
    sovereign debt crises, collective action problems, and IMF lending
    Author: Committeri, Marco; Spadafora, Francesco
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most... more

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    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 1475578717; 9781475578713
    Other identifier:
    Series: IMF Working Papers ; Working Paper No. 13/20
    Subjects: Öffentliche Schulden; Schuldenmanagement; Finanzkrise; Internationaler Kredit; Spillover-Effekt; Neue politische Ökonomie; Eurozone
    Scope: Online-Ressource (50 p)
  2. You never give me your money?
    sovereign debt crises, collective action problems, and IMF lending
    Author: Committeri, Marco; Spadafora, Francesco
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most... more

    Access:
    Verlag (kostenfrei)

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
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    e-Book Nationallizenz
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    Thüringer Universitäts- und Landesbibliothek
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    Fachhochschule Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
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    E-Book Nationallizenz IMF
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    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
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    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
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    e-Book International Monetary Fund eLibrary
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    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
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    E-Book IMF
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012

     
    Export to reference management software   RIS file
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    Content information
    Volltext (Array)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 1475578717; 9781475578713
    Other identifier:
    Series: IMF Working Papers ; Working Paper No. 13/20
    Subjects: Öffentliche Schulden; Schuldenmanagement; Finanzkrise; Internationaler Kredit; Spillover-Effekt; Neue politische Ökonomie; Eurozone
    Scope: Online-Ressource (50 p)
  3. You never give me your money?
    sovereign debt crises, collective action problems, and IMF lending
    Author: Committeri, Marco; Spadafora, Francesco
    Published: 2013
    Publisher:  Banca d'Italia, [Roma]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1776 (143)
    Inter-library loan:
    Unlimited inter-library loan, copies and loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Questioni di economia e finanza ; 143
    Subjects: Öffentliche Schulden; Schuldenmanagement; Finanzkrise; Internationaler Kredit; Spillover-Effekt; Neue politische Ökonomie; Eurozone
    Scope: 52 S., graph. Darst.
    Notes:

    Parallel als Online-Ausg. erschienen