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Sovereign debt restructuring: The centrality of the IMF's role

Author

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  • Sean Hagan

    (Peterson Institute for International Economics)

Abstract

Over the past 40 years, the International Monetary Fund (IMF) has played a central role in the sovereign debt restructuring process. If the COVID-19 pandemic leads to a significant wave of sovereign debt distress, this role will be closely scrutinized. The paper analyzes how IMF policies have evolved to shape the incentives of sovereigns and their creditors at each stage of the sovereign debt restructuring process. It also identifies a number of issues that the IMF will likely have to address as a result of the pandemic, including (1) assessment of debt sustainability in a macroeconomic environment of considerable uncertainty, (2) treatment of official bilateral creditors, and (3) potential benefits—and challenges—of introducing additional incentives to maximize creditor participation in any debt restructuring.

Suggested Citation

  • Sean Hagan, 2020. "Sovereign debt restructuring: The centrality of the IMF's role," Working Paper Series WP20-13, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp20-13
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    File URL: https://www.piie.com/publications/working-papers/sovereign-debt-restructuring-centrality-imfs-role
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    Cited by:

    1. Committeri, Marco & Alves, Inês & Arthur, Julien & De Marchi, Raffaele & Essers, Dennis & Keeney, Mary & Kosterink, Patrick & Lieber, Alexander & Martinez-Resano, José Ramon & Osińska, Joanna & Spadaf, 2021. "The IMF’s role in sovereign debt restructurings," Occasional Paper Series 262, European Central Bank.

    More about this item

    Keywords

    Sovereign Debt; Debt Crisis; Debt Sustainability; IMF;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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