IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference
August 25, 2003
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The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.
Subject: Asset and liability management, Consumption, Corporate insolvency, Debt restructuring, External position, Financial crises, Financial institutions, Foreign assets, Sovereign debt restructuring, Stocks
Keywords: Corporate insolvency, Debt restructuring, East Asia, emerging market crisis, Europe, exchange rate depreciation, Foreign assets, Global, North America, output space, portfolio, portfolio equity assets, portfolio equity gain, risk premium, Sovereign debt restructuring, SP, Stocks, STT., STTS gain sponsorship, STTS shift, Sub-Saharan Africa
Pages:
196
Volume:
2003
DOI:
Issue:
005
Series:
IMF Staff Papers No. 2003/005
Stock No:
SPSIEA0012003
ISBN:
9781589062047
ISSN:
1020-7635
