Sovereign default, private sector creditors, and the IFIs

• 成果类型: Article
• 署名作者: Boz, Emine
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2010.10.001
• 发表日期: 2011
• 页码: 70-82
• 关键词: emerging markets; Sovereign debt and default; IFIs

摘要

The data reveal that emerging market sovereign borrowing from International Financial Institutions (IFIs) is small, intermittent and countercyclical compared to that from private sector creditors. The IFI loan contracts offered to sovereigns differ from the private ones in that they are more enforceable and have conditionality arrangements attached to them. Taking these contractual differences as given, this paper builds a quantitative model of a sovereign borrower and argues that better enforceability of IFI loan contracts is the main institutional feature that explains the size and cyclicality while conditionality accounts for the intermittency of borrowing from the IFIs. (C) 2010 Elsevier B.V. All rights reserved.