000 03650nam a22004815i 4500
001 978-3-319-08988-1
003 DE-He213
005 20200420211752.0
007 cr nn 008mamaa
008 140814s2014 gw | s |||| 0|eng d
020 _a9783319089881
_9978-3-319-08988-1
024 7 _a10.1007/978-3-319-08988-1
_2doi
050 4 _aHJ9-9940
072 7 _aKFFD
_2bicssc
072 7 _aBUS051000
_2bisacsh
082 0 4 _a336
_223
100 1 _aGaillard, Norbert.
_eauthor.
245 1 0 _aWhen Sovereigns Go Bankrupt
_h[electronic resource] :
_bA Study on Sovereign Risk /
_cby Norbert Gaillard.
264 1 _aCham :
_bSpringer International Publishing :
_bImprint: Springer,
_c2014.
300 _aXI, 70 p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 1 _aSpringerBriefs in Economics,
_x2191-5504
505 0 _aIntroduction -- Identifying Sovereign Defaults -- Protecting against Sovereign Defaults -- Preventing Sovereign Defaults -- Anticipating Sovereign Debt Crises -- Conclusion.
520 _aThe 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.
650 0 _aMacroeconomics.
650 0 _aPublic finance.
650 0 _aEconomic policy.
650 1 4 _aEconomics.
650 2 4 _aPublic Economics.
650 2 4 _aEconomic Policy.
650 2 4 _aMacroeconomics/Monetary Economics//Financial Economics.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9783319089874
830 0 _aSpringerBriefs in Economics,
_x2191-5504
856 4 0 _uhttp://dx.doi.org/10.1007/978-3-319-08988-1
912 _aZDB-2-SBE
942 _cEBK
999 _c51314
_d51314