The costs of sovereign default / prepared by Eduardo Borensztein and Ugo Panizza.
This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs a...
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| Format: | eBook |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund, Research Dept.,
2008.
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| Series: | IMF working paper ;
WP/08/238. |
| Subjects: |
MARC
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| 100 | 1 | |a Borensztein, Eduardo, |e author. | |
| 245 | 1 | 4 | |a The costs of sovereign default / |c prepared by Eduardo Borensztein and Ugo Panizza. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, Research Dept., |c 2008. | ||
| 300 | |a 1 online resource (52 pages .) | ||
| 336 | |a text |b txt |2 rdacontent. | ||
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| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/08/238. | |
| 500 | |a "October 2008." | ||
| 504 | |a Includes bibliographical references (pages 24-27) | ||
| 505 | 0 | |a I. Introduction; II. Two Hundred Years of Sovereign Default; III. Default and GDP Growth; IV. Default and Reputation; V. Default and International Trade; VI. Default and the Domestic Banking System; VII. Political Implications of Default; VIII. Conclusions; References; Figures; 1. Number of Defaults (1824-2004); Tables; 1. Default Episodes; 2. Default and Growth, Panel 1972-2000; 3. Default and Growth, Panel 1972-2000; 4. Default and Credit Ratings, Cross Section Regression, 1999-2002; 5. Defaults and Bond Spreads, Panel Regression, 1997-2004; 6. Default and Trade Credit. | |
| 505 | 8 | |a 7. Default and Trade: Does Trade Credit Matter?8. Probabilities of Default and Banking Crisis; 9. Default and Industry Value-Added Growth; 10. Defaults and Elections; 11. Type of Default; 12. Type of Default and Government; Appendix Tables; A1. Private Lending to Sovereign. Default and Rescheduling; A2: Logit Model for the Probability of Default. | |
| 520 | |a This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises. | ||
| 546 | |a English. | ||
| 588 | 0 | |a Print version record. | |
| 650 | 0 | |a Default (Finance) |x Econometric models. | |
| 650 | 0 | |a Debts, External |x Econometric models. | |
| 650 | 0 | |a Debts, Public. | |
| 650 | 0 | |a Financial crises |x Econometric models. | |
| 650 | 0 | |a Bank failures |x Econometric models. | |
| 650 | 0 | |a Government securities |x Econometric models. | |
| 650 | 0 | |a Country risk |x Econometric models. | |
| 650 | 7 | |a Bank failures |x Econometric models. |2 fast |0 (OCoLC)fst00826659. | |
| 650 | 7 | |a Country risk |x Econometric models. |2 fast |0 (OCoLC)fst00881450. | |
| 650 | 7 | |a Debts, External |x Econometric models. |2 fast |0 (OCoLC)fst00888832. | |
| 650 | 7 | |a Debts, Public. |2 fast |0 (OCoLC)fst00888850. | |
| 650 | 7 | |a Default (Finance) |x Econometric models. |2 fast |0 (OCoLC)fst00889574. | |
| 650 | 7 | |a Financial crises |x Econometric models. |2 fast |0 (OCoLC)fst00924608. | |
| 650 | 7 | |a Government securities |x Econometric models. |2 fast |0 (OCoLC)fst00945599. | |
| 700 | 1 | |a Ugo, Panizza, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. | |
| 776 | 0 | 8 | |i Print version: |a Borensztein, Eduardo. |t Costs of sovereign default. |d Washington, D.C. : International Monetary Fund, Research Dept., 2008 |w (OCoLC)271560356. |
| 830 | 0 | |a IMF working paper ; |v WP/08/238. | |
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