Serial Sovereign Defaults and Debt Restructurings is popular PDF and ePub book, written by Mr.Tamon Asonuma in 2016-03-16, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Serial Sovereign Defaults and Debt Restructurings can be Read Online from any device for your convenience.
Serial Sovereign Defaults and Debt Restructurings Book PDF Summary
Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These countries actually have repeated defaults or restructurings in short periods. This paper explains these stylized facts within a dynamic stochastic general equilibrium framework by explicitly modeling renegotiations between a defaulting country and its creditors. The quantitative analysis of the model reveals that the equilibrium probability of default for a given debt-to-GDP level is weakly increasing with the number of past defaults. The model also accords with an additional fact: lower recovery rates (high NPV haircuts) are associated with increases in spreads at renegotiation.
Detail Book of Serial Sovereign Defaults and Debt Restructurings PDF
- Author : Mr.Tamon Asonuma
- Release : 16 March 2016
- Publisher : International Monetary Fund
- ISBN : 9781513596648
- Genre : Business & Economics
- Total Page : 25 pages
- Language : English
- PDF File Size : 8,6 Mb
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