Involving the Private Sector in Forestalling and Resolving Financial Crises -- Contents

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Involving the Private Sector
In Forestalling and Resolving Financial Crises
Prepared by the Policy Development and Review
Department, International Monetary Fund

March 17, 1999

Available in PDF (360 K)

Contents
Summing Up by the Acting Chairman, Executive Board Meeting, March 17, 1999
Preface
Part I.		Foreground Prevention Measures to Facilitate the Private Sector's Involvement in Forestalling and Resolving Financial Crises Concluding Observations
Part II.		Background Managing Risk and Liquidity in Volatile emerging Debt Markets Embedding Derivatives in Debt Contracts Private Sector Contingent Financing Arrangements Use of Derivatives in Debt Instruments to Provide Insurance External Debt Monitoring and Concerted Rollover of Short- Term Debt Coverage of Debt Monitoring Use of Data Collected by Monitoring Systems Concerted Rollover Operations Restructuring International Sovereign Bonds General Considerations Possible Modalities of Bond Restructuring Restructuring Brady Bonds Restructuring Bonds Supported by Liens on Borrowers' Assets Modification of Bond Contracts Experience with Quasi-Sovereign and Sovereign Bond Restructuring Official Enhancements of Emerging Market Debt Instruments Official Enhancements to Attract New Money: General Considerations Recent Examples of Credit Enhancements Official Support for Debt Restructuring
Tables
	1.1	Progress on Previously Identified Measures to Improve Private Sector Involvement in Forestalling and Resolving Financial Crises
	2.1	Bonds That Can Be Put for Emerging Markets, 1999–2000
	2.2	Loans That Can Be Put for Emerging Markets, 1999–2000
	2.3	Maturing bonds Issued by Emerging Markets and Sectors, 1999–2000
	2.4	Selected Bond Restructurings
Figures
	2.1	International New Bond Issues and Bond Redemptions
		By Developing Country Sovereign Borrowers
	2.2	International New Bond Issues and Bond Redemptions By Developing Country Nonsovereign Borrowers
Boxes
	2.1	Derivatives and Balance of Payments Crises
	2.2	Design of Monitoring Systems
	2.3	Korea
	2.4	Indonesia, Thailand, and Brazil
	2.5	Comparison Between Legal and Institutional Factors
	2.6	The IBRD's New Policy on Guarantees
	2.7	World Bank Guarantee of Hungarian Bond
	2.8	Liquidity Puts
	2.9	The World Bank EGAT Rolling Coupon Guarantee