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Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel
Mr.Tamon AsonumaMr.Marcos d ChamonAitor ErceAkira Sasahara
出版International Monetary Fund, 2019-03-25
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Exports & ImportsBusiness & Economics / Banks & Banking
ISBN14983049669781498304962
URLhttp://books.google.com.hk/books?id=MhmWDwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associated output and banking sector costs depend on whether the restructuring takes place preemptively, without missing payments to creditors, or whether it takes place after a default has occurred. Post-default restructurings are associated with larger declines in bank credit, an increase in lending interest rates, and a higher likelihood of triggering a banking crisis than pre-emptive restructurings. Our local projection estimates show large declines in GDP, investment, and credit amplified by severe sudden stops and transmitted through a “capital inflow-credit channel”.