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Sovereign Debt Contracts and Financial Stability in Emerging Market Economies

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  • Hühnerbein, Ossip Robert

Abstract

This thesis analyzes the influence sovereign debt contracts have on the incidence and the devolution of financial crises in emerging market economies. Chapter 2 focuses on the design of majority action clauses in bond contracts. It examines under what circumstances impeding creditor coordination might be a useful way to address debtor moral hazard concerns. In chapter 3 the pricing of sovereign bonds with various characteristics is studied. Special attention is drawn to the question of how the pricing of coordination clauses is affected by the composition of the debt. It is shown that coordination clauses are priced more favorably by the market the larger the share of coordinated debt by the respective issuer is. Chapter 4 investigates the scope for country insurance against macroeconomics shocks. Collateralizing sovereign bond contracts with financial derivatives is shown to be equivalent to indexing claims.

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File URL: http://edoc.ub.uni-muenchen.de/7302/1/Huehnerbein_Ossip.pdf
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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Munich Dissertations in Economics with number 7302.

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Date of creation: 24 Jan 2007
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Handle: RePEc:lmu:dissen:7302

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Related research

Keywords: Sovereign Debt; Collective Action Clauses; Financial Crises; Coordination;

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  1. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82 National Bureau of Economic Research, Inc.
  2. Kletzer, K.M. & Newbery, D.M., 1991. "Smoothing Primary Exporters' Price Risks: Bonds, Futures, Options and Insurance," Papers 647, Yale - Economic Growth Center.
  3. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
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