Sovereign Debt
From Safety to Default
Published on 10. February 2011
450 pages
978-1-118-01753-1 (ISBN)
Description
An intelligent analysis of the dangers, opportunities, andconsequences of global sovereign debt
Sovereign debt is growing internationally at a terrifying rate,as nations seek to prop up their collapsing economies. One onlyneeds to look at the sovereign risk pressures faced by Greece,Spain, and Ireland to get an idea of how big this problem hasbecome. Understanding this dilemma is now more important than ever,that's why Robert Kolb has compiled Sovereign Debt. Withthis book as your guide, you'll gain a better perspective on theessential issues surrounding sovereign debt and default throughdiscussions of national defaults, systemic risk, associated costs,and much more. Historical studies are also included to provide arealistic framework of reference.
* Contains up-to-date research and analysis on sovereign debtfrom today's leading practitioners and academics
* Details the dangers of defaults and their associated systemicrisks
* Explores the past, present, and future of sovereign debt
The repercussions of a national default are all-encompassing asglobal markets are intricately interwoven in the modern world.Sovereign Debt examines what it will take to overcome thechallenges of this market and how you can deal with the uncertaintysurrounding it.
More details
Other editions
Additional editions
Book
04/2011
Wiley
€88.00
Shipment within 10-20 days
Person
ROBERT W. KOLB is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University Chicago. Before this, he was the assistant dean, Business and Society, and director, Center for Business and Society, at the University of Colorado at Boulder and a department chairman at the University of Miami. Kolb has authored over twenty books on finance, derivatives, and futures, as well as numerous articles in leading finance journals.
Content
- Intro
- SOVEREIGN DEBT
- Contents
- Introduction
- Acknowledgments
- PART I The Political Economy of Sovereign Debt
- 1 Sovereign Debt: Theory, Defaults, and Sanctions
- 2 The Institutional Determinants of Debt Intolerance
- 3 Output Costs of Sovereign Default
- 4 Spillovers of Sovereign Default Risk: How Much Is the Private Sector Affected?
- 5 Sovereign Debt Problems and Policy Gambles
- 6 Sovereign Debt and the Resource Curse
- 7 Sovereign Debt and Military Conflict
- PART II Making Sovereign Debt Work
- 8 Fiscal Policy, Government Institutions, and Sovereign Creditworthiness
- 9 Corruption and Creditworthiness: Evidence from Sovereign Credit Ratings
- 10 Institutions, Financial Integration, and Complementarity
- 11 Loans versus Bonds: The Importance of Potential Liquidity Problems for Sovereign Borrowers
- 12 First-Time Sovereign Bond Issuers: Considerations in Accessing International Capital Markets
- 13 A Note on Sovereign Debt Auctions: Uniform or Discriminatory?
- 14 Pension Reform and Sovereign Credit Standing
- PART III Sovereign Defaults, Restructurings, and the Resumption of Borrowing
- 15 Understanding Sovereign Default
- 16 Are Sovereign Defaulters Punished?: Evidence from Foreign Direct Investment Flows
- 17 Supersanctions and Sovereign Debt Repayment
- 18 Debt Restructuring Delays : Measurement and Stylized Facts
- 19 IMF Interventions in Sovereign Debt Restructurings
- 20 Resuming Lending to Countries Following a Sovereign Debt Crisis
- PART IV Legal and Contractual Dimensions of Restructurings and Defaults
- 21 A Code of Conduct for Sovereign Debt Restructuring: An Important Component of the International Financial Architecture?
- 22 Governing Law of Sovereign Bonds and Legal Enforcement
- 23 Sovereign Debt Restructuring: The Judge, the Vultures, and Creditor Rights
- 24 Sovereign Debt Documentation and the Pari Passu Clause
- 25 Collective Action Clauses in Sovereign Bonds
- 26 Sovereignty, Legitimacy, and Creditworthiness
- 27 Odious Debts or Odious Regimes?
- 28 Insolvency Principles: The Missing Link in the Odious Debt Debate
- PART V Historical Perspectives
- 29 The Baring Crisis and the Great Latin American Meltdown of the 1890s
- 30 How Government Bond Yields Reflect Wartime Events: The Case of the Nordic Market
- 31 How Important Are the Political Costs of Domestic Default?: Evidence from World War II Bond Markets
- 32 Emerging Market Spreads at the Turn of the Twenty-First Century: A Roller Coaster
- PART VI Sovereign Debt in Emerging Markets
- 33 Sovereign Default Risk and Implications for Fiscal Policy
- 34 Default Traps
- 35 Self-Fulfilling and Self-Enforcing Debt Crises
- 36 The Impact of Economic and Political Factors on Sovereign Credit Ratings
- 37 Sovereign Bond Spreads in the New European Union Countries
- 38 Can Sovereign Credit Ratings Promote Financial Sector Development and Capital Inflows to Emerging Markets?
- 39 Country Debt Default Probabilities in Emerging Markets: Were Credit Rating Agencies Wrong?
- 40 The International Stock Market Impact of Sovereign Debt Ratings News
- PART VII Sovereign Debt and Financial Crises
- 41 Equity Market Contagion and Co-Movement: Industry Level Evidence
- 42 An Insolvency Procedure for Sovereign States: A Viable Instrument for Preventing and Resolving Debt Crises?
- 43 From Banking to Sovereign Debt Crisis in Europe
- 44 From Financial Crisis to Sovereign Risk
- 45 Sovereign Spreads and Perceived Risk of Default Revisited
- 46 What Explains the Surge in Euro Area Sovereign Spreads During the Financial Crisis of 2007-2009?
- 47 Euro Area Sovereign Risk During the Crisis
- 48 Facing the Debt Challenge of Countries That Are "Too Big To Fail"
- Index
