{
  "title": "Debt Maturity and the International Financial Architecture",
  "publication": "IMF Working Papers, July 1, 2004",
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  "summary": "This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Presents a theory of the maturity of international sovereign debt and derives implications for reforming the international financial architecture.\n- Uses a general equilibrium model in which the need to roll over external debt:\n  - disciplines the policies of debtor countries, and\n  - makes them vulnerable to unwarranted debt crises owing to bad shocks.\n- Provides a welfare analysis of several measures discussed in recent debates:\n  - adoption of renegotiation-friendly clauses in debt contracts,\n  - establishment of an international bankruptcy regime for sovereigns."
    },
    {
      "heading": "Model and Key Findings",
      "content": "- Framework: a general equilibrium model focused on rollover risk of external debt.\n- Mechanism:\n  - Rollover requirements create policy discipline for debtor countries.\n  - Rollover needs also generate vulnerability to unwarranted debt crises triggered by bad shocks.\n- Implication: Debt maturity structure is a central determinant of sovereign default risk and crisis propagation."
    },
    {
      "heading": "Welfare Analysis and Policy Recommendations",
      "content": "- Evaluates welfare effects of institutional measures debated for the international financial architecture:\n  - Renegotiation-friendly clauses in debt contracts.\n  - An international bankruptcy regime for sovereigns.\n- The paper presents comparative welfare implications of these measures within the model (details in the full working paper)."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Collective action clauses, Debt default, External debt, Financial crises, Public debt\n- Keywords: debtor country, short-term debt, WP\n\nContent based on \"Debt Maturity and the International Financial Architecture\", IMF Working Papers (2004/137).\n\n---\n\n Content in this bundle\n\n- wp04137\n  - wp04137 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp04137 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/debt-maturity-and-the-international-financial-architecture-17538"
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    "Authors: Olivier D Jeanne",
    "Published: July 1, 2004",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451855944.001",
    "Presents a theory of the maturity of international sovereign debt and derives implications for reforming the international financial architecture.",
    "Uses a general equilibrium model in which the need to roll over external debt:",
    "Provides a welfare analysis of several measures discussed in recent debates:",
    "Framework: a general equilibrium model focused on rollover risk of external debt.",
    "Mechanism:",
    "Implication: Debt maturity structure is a central determinant of sovereign default risk and crisis propagation.",
    "Evaluates welfare effects of institutional measures debated for the international financial architecture:",
    "The paper presents comparative welfare implications of these measures within the model (details in the full working paper).",
    "Subject: Collective action clauses, Debt default, External debt, Financial crises, Public debt",
    "Keywords: debtor country, short-term debt, WP",
    "**_wp04137**"
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