| Description |
1 online resource (22 pages) |
| Series |
IMF working paper ; no. WP/12/244 |
|
IMF working paper ; no. WP/12/244.
|
| Contents |
Cover; Contents; I. Introduction; Figures; 1. Composition and Holders' Profile of Jamaican Public Debt; II. Initial Conditions; A. The Impact of the Global Crisis; 2. Key Indicators of Economic Activity; B. The Initial Policy Response; 3. International Reserves and Interest Rates; 4. Jamaican and International Spreads; III. Rationale for the Debt Exchange; A. Weighing the Risks; B. Rationale and Safeguards; IV. The Jamaica Debt Exchange; A. Launching of the Exchange; Tables; 1. JDX Processing Timetable; B. The Outcome; 5. Allocation Rules; 6. Domestic Bond Prices (January 2009-May 2010) |
|
2. Distribution of Bonds Subjected to JDX7. Redemption Profile of Domestic Debt before and after JDX; 3. Interest Rate and Refinancing Risks, as of March 2010; 8. S & P's Pre- and Post-debt Restructuring ratings of Select Sovereigns; 9. Interest Margins of Banks and SDs; V. Lessons from the JDX; A. Factors behind the outcome; B. Going forward; References; Appendices; I. Financial System Support Fund; II. New Government Benchmark Securities post-JDX |
| Summary |
The sovereign debt restructuring operation in Jamaica undertaken in early-2010 was a unique experiment that perhaps offered less by way of upside, if compared to the conventional sovereign debt exchanges, but provided credible assurances against further downfall and financial sector distress. A case study of a highly indebted country with domestically held debt, the paper discusses the conditions leading to the exchange, the rationale behind it, as well as its operational aspects. Achievements of the exchange, too, are discussed in detail. The paper also outlines the risks stemming from the high levels of debt--which continue to remain high--requiring prompt and coordinated action by policymakers if the legacy of the debt exchange is to be preserved |
| Notes |
Available in PDF, ePUB, and Mobi formats on the Internet |
| Subject |
Economic policy.
|
|
International finance.
|
|
Economic policy
|
|
International finance
|
| Form |
Electronic book
|
| Author |
Alleyne, Trevor Serge Coleridge, author.
|
|
Guerson, Alejandro D., author.
|
|
International Monetary Fund, issuing body.
|
| ISBN |
1475512724 |
|
9781475512724 |
|
