When Sovereigns Go Bankrupt

A Study on Sovereign Risk

Business & Finance, Economics, Public Finance, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book When Sovereigns Go Bankrupt by Norbert Gaillard, Springer International Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Norbert Gaillard ISBN: 9783319089881
Publisher: Springer International Publishing Publication: August 14, 2014
Imprint: Springer Language: English
Author: Norbert Gaillard
ISBN: 9783319089881
Publisher: Springer International Publishing
Publication: August 14, 2014
Imprint: Springer
Language: English

The public debt crisis that Eurozone countries have experienced since 2010 has been accompanied by a resurgence of sovereign risk. Greece was obliged to restructure its debt in 2012. The credit position of even the wealthy countries is shakier than at any time since the Great Depression. Now more than ever it is essential to understand sovereign risk because the default of a country, or even its lack of credibility, is bound to jeopardize political stability and weaken the credit standing of all other economic actors. This book reviews and analyzes the different means used to forestall and protect against sovereign defaults. In light of the Eurozone’s 2010-2012 sovereign debt crisis, this book also emphasizes the roots of sovereign creditworthiness. Chapter 1 establishes a typology of sovereign defaults. A sovereign “bankruptcy” may take many forms (debt repudiation, moratorium, restructuring, etc.). Chapter 2 presents the different contractual and legal tools used to protect against sovereign defaults. Chapter 3 investigates how some investors have been able to interfere with the debtor’s economic policy by insisting that measures be taken to reduce the risk of default in the short and medium term. Such interference can be direct or may be more subtle. There is a specific focus on the conditionality imposed by the International Monetary Fund. Chapter 4 studies the various tools that investors can use to discriminate among borrowers and forecast debt crises (bond yields and spreads as well as ratings provided by Fitch, Moody’s, Standard & Poor’s, and Euromoney Country Risk). Chapter 4 also demonstrates that sovereign debtors must overcome seven types of risk in order to preserve their creditworthiness: natural disaster, geopolitical risk, institutional and political risk, economic risk, monetary and exchange rate risk, fiscal and tax-system risk, and debt-related risk.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The public debt crisis that Eurozone countries have experienced since 2010 has been accompanied by a resurgence of sovereign risk. Greece was obliged to restructure its debt in 2012. The credit position of even the wealthy countries is shakier than at any time since the Great Depression. Now more than ever it is essential to understand sovereign risk because the default of a country, or even its lack of credibility, is bound to jeopardize political stability and weaken the credit standing of all other economic actors. This book reviews and analyzes the different means used to forestall and protect against sovereign defaults. In light of the Eurozone’s 2010-2012 sovereign debt crisis, this book also emphasizes the roots of sovereign creditworthiness. Chapter 1 establishes a typology of sovereign defaults. A sovereign “bankruptcy” may take many forms (debt repudiation, moratorium, restructuring, etc.). Chapter 2 presents the different contractual and legal tools used to protect against sovereign defaults. Chapter 3 investigates how some investors have been able to interfere with the debtor’s economic policy by insisting that measures be taken to reduce the risk of default in the short and medium term. Such interference can be direct or may be more subtle. There is a specific focus on the conditionality imposed by the International Monetary Fund. Chapter 4 studies the various tools that investors can use to discriminate among borrowers and forecast debt crises (bond yields and spreads as well as ratings provided by Fitch, Moody’s, Standard & Poor’s, and Euromoney Country Risk). Chapter 4 also demonstrates that sovereign debtors must overcome seven types of risk in order to preserve their creditworthiness: natural disaster, geopolitical risk, institutional and political risk, economic risk, monetary and exchange rate risk, fiscal and tax-system risk, and debt-related risk.

More books from Springer International Publishing

Cover of the book A Feminist Companion to the Posthumanities by Norbert Gaillard
Cover of the book Foundations and Practice of Security by Norbert Gaillard
Cover of the book Introduction to Computational Social Science by Norbert Gaillard
Cover of the book Literature, Pedagogy, and Curriculum in Secondary Education by Norbert Gaillard
Cover of the book Geometry, Algebra and Applications: From Mechanics to Cryptography by Norbert Gaillard
Cover of the book Bio- and Nanosorbents from Natural Resources by Norbert Gaillard
Cover of the book Blended Learning. New Challenges and Innovative Practices by Norbert Gaillard
Cover of the book PET/CT in Head and Neck Cancer by Norbert Gaillard
Cover of the book Memories of Gustav Ichheiser by Norbert Gaillard
Cover of the book Mathematics Across Contemporary Sciences by Norbert Gaillard
Cover of the book How Could This Happen? by Norbert Gaillard
Cover of the book Knowledge Management in Organizations by Norbert Gaillard
Cover of the book The Present Image by Norbert Gaillard
Cover of the book America's Free Market Myths by Norbert Gaillard
Cover of the book Economic Inequality and Political Representation in Switzerland by Norbert Gaillard
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy