Sovereign Debt and the Financial Crisis
528 pages

Sovereign Debt and the Financial Crisis


YouScribe est heureux de vous offrir cette publication
528 pages
YouScribe est heureux de vous offrir cette publication


In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies.
The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead to a wave of sovereign debt problems around the world? Or will countries, given their stronger fundamentals compared with previous crises' episodes, successfully muddle through the crisis?
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market, and developed economies face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing, emerging market, and developed countries.



Publié par
Publié le 16 novembre 2010
Nombre de lectures 31
EAN13 9780821385432
Langue English
Poids de l'ouvrage 9 Mo


This Time
Be Different?
Edited by
Carlos A. Primo Braga
Gallina A. VinceletteSovereign Debt and the
Financial CrisisSovereign Debt and
the Financial Crisis
Will This Time Be Different?
Edited by
Carlos A. Primo Braga
Gallina A. Vincelette© 2011 The International Bank for Reconstruction and Development / The World Bank
1818 H Street, NW
Washington, DC 20433
Telephone: 202-473-1000
All rights reserved
1 2 3 4 14 13 12 11
This volume is a product of the staff of the International Bank for Reconstruction and Devel-
opment / The World Bank. The findings, interpretations, and conclusions expressed in this
volume do not necessarily reflect the views of the Executive Directors of The World Bank or
the governments they represent.
The World Bank does not guarantee the accuracy of the data included in this work. The
boundaries, colors, denominations, and other information shown on any map in this work do
not imply any judgement on the part of The World Bank concerning the legal status of any
territory or the endorsement or acceptance of such boundaries.
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The material in this publication is copyrighted. Copying and/or transmitting portions or all of
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All other queries on rights and licenses, including subsidiary rights, should be addressed
to the Office of the Publisher, The World Bank, 1818 H Street, NW, Washington, DC 20433,
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ISBN: 978-0-8213-8483-1
eISBN: 978-0-8213-8543-2
DOI: 10.1596/978-0-8213-8483-1
Cover images
Image Source/Getty Images; Benson HE, 2010 Used under license from;
Andre Blais, 2010 Used under license from
Cover design
Ruth: Edelman Integrated Marketing
Library of Congress Cataloging-in-Publication data has been applied for.In memory of our colleague Dana WeistContents
Foreword xvii
Acknowledgments xix
Contributors xxi
Abbreviations xxv
Introduction 1
Carlos A. Primo Braga and Gallina A. Vincelette
Part I: A New Wave of Sovereign Debt Crises? 13
1 The Sovereign Debt Crisis That Was Not 15
Daniel Cohen and Cécile Valadier
2 Unpleasant Surprises: Determinants and Risks
of Sovereign Default 45
Luca Bandiera, Jesús Crespo Cuaresma,
and Gallina A. Vincelette
3 Finding the Tipping Point: When Sovereign
Debt Turns Bad 63
Mehmet Caner, Thomas Grennes, and
Fritzi Koehler-Geib
4 Determinants of Emerging Market Sovereign
Bond Spreads 77
Dimitri Bellas, Michael G. Papaioannou,
and Iva Petrova
5 Sovereign Debt Distress and Corporate
Spillover Impacts 101
Mansoor Dailami
viiviii contents
Part II: The Effects of the Crisis on Debt 127
6 Debt Sustainability and Debt Distress in the
Wake of the Ongoing Financial Crisis:
The Case of IDA-Only African Countries 129
Leonardo Hernández and Boris Gamarra
7 Do Middle-Income Countries Still Have the
Ability to Deal with the Global
Financial Crisis? 173
Ralph Van Doorn, Vivek Suri, and
Sudarshan Gooptu
8 Small States, the Financial Crisis, and
the Aftermath 195
Edgardo Favaro, Dörte Dömeland,
William O’Boyle, and Tihomir Stuc ˇka
9 Europe’s Crisis: Origins and Policy
Challenges 221
Edgardo Favaro, Y ing Li, Juan Pradelli,
and Ralph Van Doorn
Part III: Debt Restructuring Mechanisms:
Lessons and Beyond 241
10 Avoiding Avoidable Debt Crises: Lessons from
Recent Defaults 243
Yuefen Li, Rodrigo Olivares-Caminal,
and Ugo Panizza
11 Managing Subnational Credit and
Default Risks 273
Lili Liu and Michael Waibel
12 Restructuring Sovereign Debts with Private
Sector Creditors: Theory and Practice 295
Mark L. J. Wright
13 A Standing Arbitral Tribunal as a Procedural
Solution for Sovereign Debt Restructurings 317
Christoph G. Paulus

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