Sovereign Debt: From Safety to Default

Overview

Sovereign debt-borrowing by governments-has long been a feature ofworld finance. And while this type of activity affects everyone insociety, it rarely garners much attention-that is, until problemswithin this area arise. Today, issues regarding sovereign debt aremore important than ever, especially since these concerns promiseto become a more prominent part of the financial landscape.

That's why Robert Kolb, one of today's most respected academicsand editor of the Robert W. Kolb...

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Sovereign Debt: From Safety to Default

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Overview

Sovereign debt-borrowing by governments-has long been a feature ofworld finance. And while this type of activity affects everyone insociety, it rarely garners much attention-that is, until problemswithin this area arise. Today, issues regarding sovereign debt aremore important than ever, especially since these concerns promiseto become a more prominent part of the financial landscape.

That's why Robert Kolb, one of today's most respected academicsand editor of the Robert W. Kolb Series in Finance, has createdSovereign Debt. Consisting of contributed chapters from leadingminds in the worlds of finance, government, and academia, thistimely guide offers you a comprehensive understanding of howsovereign debt works and how it affects our world.

Divided into seven comprehensive sections, each preceded by abrief essay on the topic, this volume takes an in-depth look at thekey themes surrounding sovereign debt'including the economicdifficulties and societal challenges faced by many of the most"successful" nations, defaults and restructurings, and the role ofsovereign debt in the globalized financial arena'and addresses howunderstanding these, and many other issues, are essential to futurefinancial and societal stability.

Representing today's most cutting-edge thinking on sovereigndebt, this reliable resource:

  • Provides insights into some of the more dra-matic sovereign debtevents in history, and offers lessons for the future management ofsovereign debt
  • Explores the role that sovereign debt plays in the economy of anation and how it interacts with societal aspects of a country
  • Discusses the costs and benefits of the financing approachesavailable to most nations
  • Examines the conditions under which defaulting nations canre-enter the market and secure new financing
  • Details sovereign debt in emerging markets-both as investmentvehicles and in terms of fiscal management in the borrowingcountries
  • And much more

Concerns about sovereign debt have become widespread andintense, especially in light of the high-profile events related tosovereign debt, debt crises, and default that have occurred overthe last few years. Filled with in-depth insights and expertanalysis, this well-rounded resource will help you develop a deeperunderstanding of the most essential aspects of sovereign debt.

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Product Details

  • ISBN-13: 9780470922392
  • Publisher: Wiley
  • Publication date: 3/8/2011
  • Series: Robert W. Kolb Series, #605
  • Edition number: 1
  • Pages: 449
  • Product dimensions: 7.30 (w) x 10.00 (h) x 1.70 (d)

Meet the Author

ROBERT W. KOLB is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University Chicago. Before this, he was the assistant dean, Business and Society, and director, Center for Business and Society, at the University of Colorado at Boulder and a department chairman at the University of Miami. Kolb has authored over twenty books on finance, derivatives, and futures, as well as numerous articles in leading finance journals.

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Table of Contents

Introduction.

Acknowledgments.

Part I: The Political Economy of Sovereign Debt.

1 Sovereign Debt: Theory, Defaults, and Sanctions (Robert W.Kolb).

2 The Institutional Determinants of Debt Intolerance(Raffaela Giordano and Pietro Tommasino).

3 Output Costs of Sovereign Default (Bianca De Paoli, GlennHoggarth, and Victoria Saporta).

4 Spillovers of Sovereign Default Risk: How Much is the PrivateSector Affected (Udaibir S. Das, Michael G. Papaioannou, andChristoph Trebesch).

5 Sovereign Debt Problems and Policy Gambles (Samuel W.Malone).

6 Sovereign Debt and the Resource Curse (Mare Sarr, Erwin Bulte,Chris Meissner, and Tim Swanson).

7 Sovereign Debt and Military Conflict (Zane M.Kelly).

Part II: Making Sovereign Debt Work.

8 Fiscal Policy, Government Institutions, and Sovereignreditworthiness (Bernardin Akitoby and ThomasStratmann).

9 Corruption and Creditworthiness: Evidence from SovereignCredit Ratings (Craig A. Depken, II, Courtney L. LaFountain, andRoger B. Butters).

10 Institutions, Financial Integration, and Complementarity(Nicola Gennaioli, Alberto Martin, and Stefano Rossi).

11 Loans versus Bonds: The Importance of Potential LiquidityProblems for Sovereign Borrowers (Issam Hallak and PaulSchure).

12 First-Time Sovereign Bond Issuers: Considerations inAccessing International Capital Markets (Udaibir S. Das, MichaelG. Papaioannou, and Magdalena Polan).

13 A Note on Sovereign Debt Auctions: Uniform or Discriminatory(Menachem Brenner, Dan Galai, and Orly Sade)?

14 Pension Reform and Sovereign Credit Standing (Alfredo Cuevas,María González, Davide Lombardo, and ArnoldoLópez-Marmolejo).

Part III: Sovereign Defaults, Restructurings, and theResumption of Borrowing.

15 Understanding Sovereign Default (Juan Carlos Hatchondo,Leonardo Martinez, and Horacio Sapriza).

16 Are Sovereign Defaulters Punished?: Evidence from ForeignDirect Investment Flows (Michael Fuentes and DiegoSaravia).

17 Supersanctions and Sovereign Debt Repayment (Kris JamesMitchener and Marc D. Weidenmier).

18 Debt Restructuring Delays: Measurement and Stylized Facts(Christoph Trebesch).

19 IMF Interventions in Sovereign Debt Restructurings (JavierDíaz-Cassou and Aitor Erce).

20 Resuming Lending to Countries following a Sovereign DebtCrisis (Luisa Zanforlin).

Part IV: Legal and Contractual Dimensions of Restructuringsand Defaults.

21 A Code of Conduct for Sovereign Debt Restructuring: AnImportant Component of the International Financial Architecture(Kathrin Berensmann)?

22 Governing Law of Sovereign Bonds and Legal Enforcement(Issam Hallak).

23 Sovereign Debt Restructuring: The Judge, the Vultures andCreditor Rights (Marcus H. Miller and Dania Thomas).

24 Sovereign Debt Documentation and the Pari Passu Clause(Umakanth Varottil).

25 Collective Action Clauses in Sovereign Bonds (SönkeHäseler).

26 Sovereignty, Legitimacy, and Creditworthiness (OdetteLienau).

27 Odious Debts or Odious Regimes? (Patrick Bolton and David A.Skeel, Jr.)

28 Insolvency Principles: The Missing Link in the Odious DebtDebate (Mechele Dickerson).

Part V: Historical Perspectives.

29 The Baring Crisis and the Great Latin American Meltdown ofthe 1890s (Kris James Mitchener and Marc D. Weidenmier).

30 How Government Bond Yields Reflect Wartime Events: The Caseof the Nordic Market (Daniel Waldenström and Bruno S.Frey).

31 How Important Are the Political Costs of Domestic Default?:Evidence from World War II Bond Markets (DanielWaldenström).

32 Emerging Market Spreads at the Turn of the Twenty-FirstCentury: A Roller Coaster (Sergio Godoy).

Part VI: Sovereign Debt in Emerging Markets.

33 Sovereign Default Risk and Implications for Fiscal Policy(Gabriel Cuadra and Horacio Sapriza).

34 Default Traps (Luis A.V. Catão, Ana Fostel, and SandeepKapur).

35 Self-Fulfilling and Self-Enforcing Debt Crises (DanielCohen and Sebastien Villemot).

36 The Impact of Economic and Political Factors on SovereignCredit Ratings (Constantin Mellios and EricPaget-Blanc).

37 Sovereign Bond Spreads in the New European Union Countries(Ioana Alexopoulou, Irina Bunda, and AnnalisaFerrando).

38 Can Sovereign Credit Ratings Promote Financial SectorDevelopment and Capital Inflows to Emerging Markets (Suk-JoongKim and Eliza Wu)?

39 Country Debt Default Probabilities in Emerging Markets: WereCredit Rating Agencies Wrong (Angelina Georgievska, LjubicaGeorgievska, Dr Aleksandar Stojanovic, and Dr NatasaTodorovic)?

40 The International Stock Market Impact of Sovereign DebtRatings News (Miguel A. Ferreira and Paulo M. Gama).

Part VII: Sovereign Debt and Financial Crises.

41 Equity Market Contagion and Co-movement: Industry LevelEvidence (Kate Phylaktis and Lichuan Xia).

42 An Insolvency Procedure for Sovereign States: A ViableInstrument for Preventing and Resolving Debt Crises (KathrinBerensmann and Angélique Herzberg)?

43 From Banking to Sovereign Debt Crisis in Europe (BertrandCandelon and Franz C. Palm).

44 From Financial Crisis to Sovereign Risk (Carlos Caceres,Vincenzo Guzzo, and Miguel Segoviano).

45 Sovereign Spreads and Perceived Risk of Default Re-Visited(Abolhassan Jalilvand and Jeannette Switzer).

46 What Explains the Surge in Euro Area Sovereign Spreads Duringthe Financial Crisis of 2007-09 (Maria-Grazia Attinasi, CristinaChecherita, and Christiane Nickel)?

47 Euro Area Sovereign Risk During the Crisis (Silvia Sgherriand Edda Zoli).

48 Facing the Debt Challenge of Countries That Are “TooBig To Fail” (Steven L. Schwarcz).

Index.

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