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Sovereign Default Private Sector Creditors And The Ifis 1st Edition Emine Boz

SKU: BELL-51286540

$ 31.00 ~~$ 45.00~~ (-31%)

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Sovereign Default Private Sector Creditors And The Ifis 1st Edition Emine Boz instant download after payment.

Publisher: International Monetary Fund

File Extension: EPUB

File size: 1.16 MB

Pages: 29

Author: Emine Boz

ISBN: 9781451916294, 1451916299

Language: English

Year: 2009

Edition: 1

Product desciption

Sovereign Default Private Sector Creditors And The Ifis 1st Edition Emine Boz by Emine Boz 9781451916294, 1451916299 instant download after payment.

This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock.