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Friday, May 8, 2020 | History

2 edition of Endogenous creditor seniority and external debt values found in the catalog.

Endogenous creditor seniority and external debt values

Dooley, Michael P.

Endogenous creditor seniority and external debt values

by Dooley, Michael P.

  • 391 Want to read
  • 15 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Fiscal policy -- Developing countries -- Econometric models.,
  • Debts, External -- Developing countries -- Econometric models.

  • Edition Notes

    StatementMichael Dooley, Mark R. Stone.
    SeriesNBER working paper series -- working paper no. 4172, Working paper series (National Bureau of Economic Research) -- working paper no. 4172.
    ContributionsStone, Mark R., National Bureau of Economic Research.
    The Physical Object
    Pagination25, [8] p. :
    Number of Pages25
    ID Numbers
    Open LibraryOL22439427M

    Greece is the first developed country to default on the IMF. But it continues to service its debt owed to private bondholders. How does this compare to historical experience? This column presents new evidence on seniority in sovereign debt markets. Despite the lack of a sovereign insolvency procedure, there is a clear-cut pecking order of sovereign debt repayments, which holds.   External debt, also known as foreign debt, is that portion of a nation’s net liability which is owed to international debtors, in case of external debt can be: A private corporation. An individual. The government (state or central) Conversely, a creditor of external debt may be.

    We investigate if debt seniority differentially affects monitoring incentives of different creditor classes and if monitoring by creditors also influences bank conduct. Prior work by Birchler () suggests this is the case. Subordinating claims of general creditors to those of depositors eradicates costly duplication.   Senior debt is borrowed money that a company must repay first if it goes out of business. Each type of financing has a different priority level in being repaid if the company decides to liquidate.

    The main objective of the study is to determine whether external debt has significant relationship with economic growth in Nigerian. However, we specifically want to: 1. Ascertain the impact of external debt on Gross Domestic Product (GDP) in Nigeria. 2. Determine the effect of external debt servicing on Gross domestic Product in Nigeria. Public debt in a basic endogenous growth model Alfred Greiner⁄ Department of Business Administration and Economics, Bielefeld University, P.O. Box Bielefeld, Germany email: [email protected] Tel. +49 , fax +49 Abstract In this note we work out the mechanism that makes public debt afiect the al-.


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Endogenous creditor seniority and external debt values by Dooley, Michael P. Download PDF EPUB FB2

Endogenous creditor seniority and external debt values. Cambridge, MA: National Bureau of Economic Research, [] (OCoLC) Document Type: Book: All Authors / Contributors: Michael P Dooley; Mark R Stone; National Bureau of Economic Research.

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that the seniority of domestic debt improved at the expense of foreign bank debt during the late s.

This paper argues that this was the revenue-maximizing response of governments to capital flight that drained the domestic financial “tax base” subject to indirect by: Endogenous Creditor Seniority and External Debt Values Michael Dooley, Mark R.

Stone. NBER Working Paper No. Issued in September NBER Program(s):International Finance and Macroeconomics A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense.

Endogenous Creditor Seniority and External Debt Values Empirical evidence for the role of creditor seniority in explaining debt values exists from the Latin American debt crisis in the s. Get this from a library.

Endogenous creditor seniority and external debt values. [Michael Dooley; Mark R Stone; International Monetary Fund. Research Department,; International Monetary Fund.

Western Hemisphere Department,] -- A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of. Endogenous Creditor Seniority and External Debt Values Article (PDF Available) in IMF Staff Papers 40(2) October with 28 Reads How we measure 'reads'.

"Endogenous Creditor Seniority and External Debt Values," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pagesJune. Michael Dooley & Mark R. Stone, " Endogenous Creditor Seniority and External Debt Values," NBER Working PapersNational Bureau of Economic Research, Inc.

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late s.

We argue that this was the revenue maximizing response of governments to internal and external capital flight that drained the domestic financial Author: Michael P. Dooley, Mark R. Stone. Averages are calculated over all countries for each year.

Higher values indicate seniority relative to other creditor groups. Implications. We have documented an implicit seniority structure of external sovereign debt. Moreover, we conclude that creditor.

The Regional Financial Institutions: The Arab Development Funds. 18 Pages Posted: 18 Mar Endogenous Creditor Seniority and External Debt Values. Seniority Rankings of Corporate Debt The capital structure is the composition of a company’s debt and equity such as bank debt, bonds of all seniority rankings, preferred stock, and common equity.

Various debt obligations can have different seniority rankings, which means different priority of payment. evidence on seniority in sovereign debt markets. In section 3, we analyze creditor senior-ity based on a new dataset on external sovereign debt arrears. We introduce measures of seniority and use these to establish stylized facts of creditor seniority over di erent subsets of the sample and over time.

We also study the determinants of debt repay. The book value of debt is comprised of the following line items on an entity’s balance sheet. Notes in the current liabilities section of the balance sheet. Current portion of long-term in the current liabilities section of the balance sheet.

Long-term in the long-term liabilities section of the balance sheet. The book value of debt does not include. Optimal Debt and Equity Values no state in which the equity values are positive, but the firm nevertheless ra-tionally chooses not to fulfill its obligations.4 We introduce this intermediate state prior to liquidation in our model by allowing for the presence of reor-ganization under Chapter Thus, we can define a firm as being bankrupt.

Seniority of Sovereign Debts A formal insolvency regime typically sets out, in general terms, how dif-ferent types of claims on a distressed private firm will be treated in a re-structuring and the order of payment in the event of outright liquidation.

Bankruptcy law usually indicates that equity is. A Seniority Arrangement for Sovereign Debt† By Satyajit Chatterjee and Burcu Eyigungor* A sovereign’s inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution).

One mechanism to mitigate this problem is the inclusion of a seniority clause in debt. See M. Dooley and M. Stone, "Endogenous Creditor Seniority and External Debt Values," IMF Staff Papers, 40 (2) (June ), pp. Dooley " Can Output Losses Following International Financial Crises Be Avoided?," NBER Working Paper No.February 9.

Vol Issue 2, June ISSN: (Print) OriginalPaper. Wage and Public Debt Indexation. Pablo E. Guidotti Pages OriginalPaper. Interpreting the Cyclical Behavior of Prices.

Bankim Chadha, Eswar Prasad Pages Endogenous Creditor Seniority and External Debt Values. Michael Dooley, Mark R. Stone Pages Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses. In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders.

We show that when the size of senior tranches is small, a version of. External Debt: The portion of a country's debt that was borrowed from foreign lenders including commercial banks, governments or international financial institutions.

These loans, including. External loan (or foreign debt) is the total debt which the residents of a country owe to foreign creditors; its complement is internal debt which is owed to domestic lenders. The debtors can be the government, corporations or citizens of that country.

The debt includes money owed to private commercial banks, foreign governments, or international financial institutions such as the.The seniority structure of sovereign debt.

Abstract. Sovereign governments owe debt to many foreign creditors and can choose whichcreditors to favor when making payments.

This paper documents the de facto seniority structure of sovereign debt using new data on defaults (missed payments or arrears) and creditor losses in.External Debt in the United States decreased to USD Million in the fourth quarter of from USD Million in the third quarter of External Debt in the United States averaged USD Million from untilreaching an all time high of USD Million in the third quarter of and a record low of USD Million in the second quarter of