Sovereign Debt and the Financial Crisis: Will This Time Be Different?

Marc Notes: Includes bibliographical references and index. Table of Contents: Foreword -- Acknowledgments -- Contributors -- Abbreviations -- Introduction / Carlos A. Primo Braga, Gallina A. Vincelette -- Part I. A New Wave of Sovereign Debt Crises? -- 1. The Sovereign Debt Crisis That Was Not / Daniel Cohen, Cecile Valadier -- 2. Unpleasant Surprises: Determinants and Risks of Sovereign Default / Luca Bandiera, Jesus Crespo Cuaresma, Gallina A. Vincelette -- 3. Finding the Tipping Point: When Sovereign Debt Turns Bad / Mehmet Caner, Thomas Grennes, Fritzi Koehler-Geib -- 4. Determinants of Emerging Market Sovereign Bond Spreads / Dimitri Bellas, Michael G. Papaioannou, Iva Petrova -- 5. Sovereign Debt Distress and Corporate Spillover Impacts / Mansoor Dailami -- Part II. The Effects of the Crisis on Debt -- 6. Debt Sustainability and Debt Distress in the Wake of the Ongoing Financial Crisis: The Case of IDA-Only African Countries / Leonardo Hernandez, Boris Gamarra -- 7. Do Middle-Income Countries Still Have the Ability to Deal with the Global Financial Crisis? / Ralph Van Doorn, Vivek Suri, Sudarshan Gooptu -- 8. Small States, the Financial Crisis, and the Aftermath / Edgardo Favaro, Domeland, William O'Boyle, Tihomir Stucka -- 9. Europe's Crisis: Origins and Policy Challenges / Edgardo Favaro, Ying Li, Juan Pradelli, Ralph Van Doorn -- Part III. Debt Restructuring Mechanisms: Lessons and Beyond -- 10. Avoiding Avoidable Debt Crises: Lessons from Recent Defaults / Yuefen Li, Rodrigo Olivares-Caminal, Ugo Panizza -- 11. Managing Subnational Credit and Default Risks / Lili Liu, Michael Waibel -- 12. Restructuring Sovereign Debts with Private Sector Creditors: Theory and Practice / Mark L. J. Wright -- 13. A Standing Arbitral Tribunal as a Procedural Solution for Sovereign Debt Restructurings / Christoph G. Paulus -- 14. International Lending of Last Resort and Sovereign Debt Restructuring / Eduardo Fernandez-Arias -- Part IV. Managing Public Debt in Crises: How Experiences Differ -- 15. Managing Public Debt and Its Financial Stability Implications / Udaibir S. Das, Michael G. Papaioannou, Guilherme Pedras, Jay Surti, Faisal Ahmed -- 16. Public Debt Management in Emerging Market Economies: Has This Time Been Different? / Phillip R. D. Anderson, Anderson Caputo Silva, Antonio Velandia-Rubiano -- 17. Crisis Preparedness and Debt Management in Low-Income Countries: Strengthening Institutions and Policy Frameworks / Dana Weist, Eriko Togo, Abha Prasad, William O'Boyle -- 18. Public Debt Management and Sovereign Risk during the Worst Financial Crisis on Record: Experiences and Lessons from the OECD Area / Hans J. Blommestein -- Index -- Boxes -- 7.1. The Index of Macroeconomic Space -- 11.1. Subnational Debt Crisis and Reforms in Brazil -- Figures -- 1.1. Number of Defaults per Country, 1970-2007 -- 1.2. Number of Defaults per Year, 1970-2007 -- 1.3. Number of Defaults per Country Using Modified Definition of Default, 1970-2007 -- 1.4. Number of Defaults per Year Using Modified Definition of Default, 1970-2007 -- 1.5. Number of Currency Crises per Year, 1970-2007. Publisher Marketing: In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead to a wave of sovereign debt problems around the world? Or will countries, given their stronger fundamentals compared with previous crises episodes, successfully muddle through the crisis? The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market, and developed economies face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners experience in developing, emerging market, and developed countries." Review Citations: Reference and Research Bk News 04/01/2011 pg. 123 (EAN 9780821384831, Paperback)