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Quantitative methods (economics) --- Public finance --- Finance --- Economic policy and planning (general) --- Public economics --- Economic conditions. Economic development --- Developing countries: economic development problems --- Economics --- Financial analysis --- economie --- economische politiek --- ontwikkelingssamenwerking --- financiën --- overheidsfinanciën --- financiële analyse

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Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructuring. This book shows why investors should reckon with similar credit events in the future. Insights gained from recent restructurings inspire the design of a valuation model for sovereign bonds. Using the distinction between hard and soft restructurings, the model draws parallels to the concepts of face value and market value recovery. An extension into credit default swap markets explains why bond and CDS spreads diverge during distress. This survey of the sovereign bond market provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.

Government securities --- Financial risk --- Debts, Public --- Default (Finance) --- Effets publics --- Risque financier --- Dettes publiques --- Défaillance (Finances) --- Valuation --- Evaluation --- Banks and banking. --- Debts, Public. --- Default (Finance). --- Development Economic policy. --- Economics. --- Finance. --- Financial risk. --- Government securities. --- Investment & Speculation --- Finance --- Business & Economics --- Mathematical models --- AA / International- internationaal --- 336.311.2 --- 339.115 --- 336.312.3 --- Buitenlandse leningen van de overheid. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden. --- Défaillance (Finances) --- EPUB-LIV-FT LIVECONO LIVGESTI SPRINGER-B --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Mathematics. --- Management science. --- Macroeconomics. --- Public finance. --- Economic policy. --- Economics, general. --- Mathematics, general. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Economics. --- Economic Policy. --- Finance, Public --- Repudiation --- Debt --- Bonds --- Deficit financing --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Cameralistics --- Public finance --- Currency question --- Funding --- Funds --- Math --- Science --- Economic theory --- Political economy --- Social sciences --- Economic man --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Securities --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Valuation&delete& --- Buitenlandse leningen van de overheid --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden --- Buitenlandse schuld. Debt Equity Swap in LDC --- Public finances --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision --- Mathematical models.

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Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we analyze the long-term returns of sovereign bonds during 32 crises since 1998, taking into account losses from bond exchanges as well as profits before and after such events. We show that the average excess return over risk-free rates in crises with debt restructuring is not significantly lower than the return on bonds in crises without restructuring. Returns differ considerably depending on the investment strategy: Investors who sell during crises fare much worse than buy-and-hold investors or investors entering the market upon signs of distress.

Government securities. --- Bond market. --- Bond markets --- Market, Bond --- Capital market --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Bonds --- Debts, Public --- Securities --- Financial Risk Management --- Investments: Bonds --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Portfolio Choice --- Investment Decisions --- Financial Crises --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: Government Policy and Regulation --- Economic & financial crises & disasters --- Investment & securities --- Finance --- Financial crises --- Sovereign bonds --- Debt restructuring --- Crisis resolution --- Financial institutions --- Asset and liability management --- Debts, External --- Crisis management --- Argentina

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Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature market. Slovenia is such an example. Despite the necessary infrastructure in place, trading has remained thin and issuance activity has been dormant. This paper proposes a two-pronged strategy for capital market development that leverages the existing setup in the context of regional integration such as within the EU. While using the case of Slovenia, this path might be indicative for other small countries that are part of a larger economically integrated region.

Finance: General --- Investments: General --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Investment & securities --- Capital markets --- Stock markets --- Financial integration --- Securities markets --- Securities --- Capital market --- Stock exchanges --- International finance --- Financial instruments --- Slovenia, Republic of

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In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be adapted to help contain negative feedback loops while minimizing overall loan losses and moral hazard. Drawing on recent experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage resolution differ in crises. Depending on country circumstances, the economic benefits of temporary forbearance and loan modifications for struggling households could outweigh their costs.

Financial crises --- Mortgage loans --- Debt --- Foreclosure --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Foreclosure sales --- Mechanics' lien foreclosure --- Mortgage foreclosure --- Statutory foreclosure --- Strict foreclosure --- Executions (Law) --- Judicial sales --- Mechanics' liens --- Mortgages --- Indebtedness --- Finance --- Home loans --- Mortgage lending --- Real estate loans --- Loans --- Secondary mortgage market --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Law and legislation --- Exports and Imports --- Financial Risk Management --- Real Estate --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Financial Institutions and Services: Government Policy and Regulation --- Housing Supply and Markets --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Property & real estate --- International economics --- Housing prices --- Debt service --- Financial institutions --- Prices --- Asset and liability management --- External debt --- Housing --- Debts, External --- Ireland