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Book Cover
Author Kruger, Mark, author

Title Sovereign debt defaults and financing needs / prepared by Mark Kruger and Miguel Messmacher
Published [Washington, D.C.] : International Monetary Fund, [2004]
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Description 1 online resource (32 pages) : illustrations
Series IMF working paper ; WP/04/53
IMF working paper ; WP/04/53
Summary We construct a financial vulnerability indicator that is consistent with the theoretical literature on determinants of defaults. It is based on the amount of new foreign financing that is needed to avoid a default or an import adjustment, expressed as a proportion of the country's sources of foreign currency. As the need for new foreign financing increases, so does a country's financial vulnerability. The indicator has a higher correlation with default episodes than other indicators used in previous studies. In addition, the level at which it leads to a high probability of default is comparable across countries
Bibliography Includes bibliographical references (pages 30-32)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Debts, External.
Financial crises.
State bankruptcy.
Form Electronic book
Author Messmacher, Miguel (Economist), author
IMF Institute, issuing body
International Monetary Fund. Executive Director for Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, issuing body
ISBN 1281600709