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Cover -- Contents -- 1 Introduction -- 2 A bare-bones model of sovereign debt crises -- 2.1 Optimal default and taxation plans under discretion -- 2.2 Debt pricing -- 2.3 Rational expectations equilibrium and regularity conditions -- 2.4 Equilibria -- 3 The effect of tranching when senior debt is riskless -- 3.1 A Modigliani-Miller irrelevance result -- 3.2 Non-neutrality -- 4 Risky senior debt -- 5 A numerical illustration -- 6 Conclusion -- 7 Appendix -- A Proofs of Propositions -- A.1 Proof of Proposition 1 -- A.2 Proof of Proposition 2 -- A.3 Proof of Proposition 3 -- A.4 Proof of Proposition 4 -- B Equilibria under tranching

For debtors everywhere who want to understand how the system really works, this handbook provides practical tools for fighting debt in its most exploitative forms. Over the last 30 years as wages have stagnated across the country, average household debt has more than doubled. Increasingly, people are forced to take on debt to meet their needs; from housing to education and medical care. The results-wrecked lives, devastated communities, and an increasing reliance on credit to maintain basic living standards-reveal an economic system that enriches the few at the expense of the many. Detailed st

International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994

Restoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their sovereign liabilities, either following a default, or preemptively, to avoid a default. This Occasional Paper takes stock of the experiences of some of these countries--Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay--with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored

We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve for the optimal debt maturity for Brazil as an example of a developing country and the U.S. as an example of a mature economy. We obtain that the calibrated costs from defaulting on long-term debt more than offset costs associated with short-term debt. Therefore, short-term debt implies higher welfare levels.

Intro -- FEDERAL DEBT, INTEREST COSTS AND THE DEBT LIMIT -- FEDERAL DEBT, INTEREST COSTS AND THE DEBT LIMIT -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- Chapter 1: FEDERAL DEBT AND INTEREST COSTS -- INTRODUCTION -- SUMMARY -- Debt Held by the Public -- Other Measures of Federal Debt -- Interest Payments and Receipts -- DEBT HELD BY THE PUBLIC -- Trends in Debt Held by the Public -- Types and Amounts of Treasury Debt Held by the Public -- Marketable Securities -- Auctions -- Borrowing Schedule -- Bills -- Notes -- Bonds -- Treasury Inflation-Protected Securities -- Maturity -- Seasonality -- Nonmarketable Securities -- Savings Bonds -- EE/E Bonds -- Other Types of Savings Bonds -- State and Local Government Series -- Thrift Savings Plan -- Zero-Coupon Bonds and Other Nonmarketable Securities -- Reasons for Borrowing Other than Budget Deficits -- Credit Programs -- Student Loans -- Purchases of Mortgage-Backed Securities -- Supplementary Financing Program -- Other Factors Affecting the Treasury's Borrowing -- Ownership of Federal Debt Held by the Public -- Domestic Ownership -- Foreign Ownership -- U.S. Debt Compared with that of Other Countries -- OTHER MEASURES OF FEDERAL DEBT -- Debt Held by the Public Net of Financial Assets -- Cash -- Credit Programs -- Gross Federal Debt -- Debt Subject to Limit -- What the Debt Limit Covers -- Options for the Treasury When Debt Approaches the Limit -- Suspending Sales of Nonmarketable Securities -- Trimming or Delaying Auctions of Marketable Securities -- Suspending Issuance of Maturing Cash Management Bills in the Supplementary Financing Program -- Suspending Flows and Redeeming Securities in Government Accounts -- Swapping Debt with the Federal Financing Bank -- Consequences of Having a Limit on Debt -- INTEREST PAYMENTS AND RECEIPTS

Does finance facilitate efficient allocation of resources? Our aim in this paper is to find out whether increases in private and public indebtedness affect capital misallocation, which is measured as the dispersion in the return to capital across firms in different industries. For this, we use a novel dataset containing industrylevel data for 18 European countries and control for different macroeconomic indicators as potential determinants of capital misallocation. We exploit the within-country variation across industries in such indicators as external finance dependence, technological intensity, credit constraints and competitive structure, and find that private debt accumulation disproportionately increases capital misallocation in industries with higher financial dependence, higher R&D intensity, a larger share of credit-constrained firms and a lower level of competition. On the other hand, we fail to find any significant and robust effect of public debt on capital misallocation within our country-sector pairs. We believe the distortionary effects of private debt found in our analysis needs a deeper theoretical investigation.

Debt Restructuring provides a legal analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective. It provides a practical guide for creditors holding distressed debt, debtor options in a distressed scenario and the necessary steps for the parties to achieve their goals.Written by an expert author team of leading practitioners and academics, the legal analysis is supported by case studies and draft clauses. This topical work is divided into three parts: corporate debt restructuring; bank resolution; and sovereign debt restructur

International Debt Statistics (IDS) 2013 is a continuation of the World Bank's publications Global Development Finance, Volume II (1997 through 2009) and the earlier World Debt Tables (1973 through 1996). IDS 2013 provides statistical tables showing the external debt of 128 developing countries that report public and publicly guaranteed external debt to the World Bank's Debtor Reporting System (DRS). It also includes tables of key debt ratios for individual reporting countries and the composition of external debt stocks and flows for individual reporting countries and regional and income group