Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 54 pages
File Size : 30,17 MB
Release : 2018-09-07
Category : Business & Economics
ISBN : 1484359623
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
Page : 128 pages
File Size : 22,55 MB
Release : 2012-08-01
Category : Business & Economics
ISBN : 1475505531
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author : Mr.Shekhar Aiyar
Publisher : International Monetary Fund
Page : 79 pages
File Size : 37,57 MB
Release : 2015-09-24
Category : Business & Economics
ISBN : 1513511653
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author : Rishi Goyal
Publisher : International Monetary Fund
Page : 31 pages
File Size : 27,64 MB
Release : 2013-02-12
Category : Business & Economics
ISBN : 1475569823
The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Author : Annamaria Viterbo
Publisher :
Page : 259 pages
File Size : 28,36 MB
Release : 2020
Category :
ISBN : 9788892133884
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 29 pages
File Size : 36,78 MB
Release : 2012-05-06
Category : Business & Economics
ISBN : 1498340474
This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Author : Luca Lionello
Publisher : Springer Nature
Page : 256 pages
File Size : 48,61 MB
Release : 2019-10-14
Category : Law
ISBN : 3030280454
This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.
Author : Christoph G Paulus
Publisher : Bloomsbury Publishing
Page : 361 pages
File Size : 35,91 MB
Release : 2014-12-01
Category : Law
ISBN : 1849468206
The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.
Author : Rosa Lastra
Publisher : OUP Oxford
Page : 0 pages
File Size : 44,53 MB
Release : 2014-01
Category : Law
ISBN : 9780199671106
The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown.
Author : Anton Brender
Publisher :
Page : 0 pages
File Size : 23,44 MB
Release : 2013
Category : Business & Economics
ISBN : 9789461383372
"The Sovereign Debt Crisis," 2012 edition, looked at how governments ran up substantial deficits in order to avert a worldwide depression and their subsequent attempts to rebalance their budgets. This updated edition concentrates on the delicate balancing act the economies of the United States, Japan, and the eurozone face between the present need to boost sluggish economic growth by providing sufficiently cheap, low-risk credit and the longer-term challenges of cutting massive debt and returning to a sustainable fiscal policy. The authors argue that many of the euro area economies, having noticeable difficulty paying their international debts, are in a sovereign debt crisis, while America and Japan are, for now, holding steady but in real danger of slipping into crisis. The book shows how the process has evolved in these three major developed economies and how their policy choices impact global financial markets.
