Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects

• Autorzy: Tamon Asonuma , Michael G. Papaioannou , Gerardo Peraza , Kristine Vitola , Takahiro Tsuda
• Języki publikacji: EN

Abstrakty

EN

This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006-07 and in 2012-13, which occurred outside an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fi scal solvency concerns. Despite differential treatment between residents and non-residents, both 2006-07 and 2012-13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities' effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012-13 debt restructuring will still depend on the country's ability to strengthen fi scal efforts and the public debt management framework. (original abstract)

Słowa kluczowe

EN

Sovereignty; Debt restructuring; Financial sustainability

PL

Suwerenność; Restrukturyzacja zadłużenia; Stabilność finansowa

• Czasopismo: Journal of Banking and Financial Economics
• Rocznik: 2017
• Numer: nr 2(8)
• Strony: 5--26

Twórcy

autor

Tamon Asonuma

• International Monetary Fund

autor

Michael G. Papaioannou

• International Monetary Fund

autor

Gerardo Peraza

• International Monetary Fund

autor

Kristine Vitola

• International Monetary Fund

autor

Takahiro Tsuda

• Ministry of Finance, Japan

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Identyfikatory

DOI

10.7172/2353-6845.jbfe.2017.2.1