Jamaica Debt Exchange
IMF Working Papers, October 9, 2012
Source details
- Canonical URL
- Jamaica Debt Exchange
Other formats
Bibliographic details
- Authors: David A. Grigorian, Trevor Serge Coleridge Alleyne, Alejandro D Guerson
- Published: October 9, 2012
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475512724.001
Overview
- Title: Jamaica Debt Exchange
- Authors: David A. Grigorian, Trevor Serge Coleridge Alleyne, Alejandro D Guerson
- Date: October 9, 2012
- Series: Working Paper No. 2012/244
- Issue: 244
- Volume: 2012
- Pages: 22
- DOI: https://doi.org/10.5089/9781475512724.001
- Stock No: WPIEA2012244
- ISBN: 9781475512724
- ISSN: 1018-5941
Case study focus and rationale
- The paper examines the sovereign debt restructuring operation in Jamaica undertaken in early-2010.
- Context: A highly indebted country with domestically held debt.
- Rationale described: The exchange offered credible assurances against further downfall and financial sector distress, even if it perhaps offered less upside compared with conventional sovereign debt exchanges.
- Operational aspects of the exchange are discussed in detail.
Key findings and achievements
- The exchange provided credible assurances against further downfall and financial sector distress.
- Achievements of the exchange are discussed in detail (paper provides full description).
- The paper identifies ongoing vulnerabilities stemming from high levels of debt that continue to remain high.
Risks and policy implications
- High levels of debt pose risks that require prompt and coordinated action by policymakers to preserve the legacy of the debt exchange.
- Emphasis on the need for policy coordination to manage the legacy risks associated with the exchange.
Subjects and keywords
- Subject areas: Bonds, Economic sectors, Financial institutions, Financial regulation and supervision, Financial sector, Market risk, Public debt, Securities.
- Keywords: Bonds, Caribbean, debt, debt composition, debt exchange, debt obligation, debt operation, debt sustainability, financial institution, financial market, Financial sector, financial stability, financial system, foreign currency, Global, government bond, interest payment, interest rate risk, Jamaica sovereign debt exchange, JDX, market, Market risk, overhang problem, restructuring experience, Securities, US$-denominated debt, WP.
IMF Working Papers — Jamaica Debt Exchange, Working Paper No. 2012/244, October 9, 2012; DOI: https://doi.org/10.5089/9781475512724.001