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The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings

Author

Listed:
  • Charles Cohen
  • Mr. S. M. Ali Abbas
  • Anthony Myrvin
  • Tom Best
  • Mr. Peter Breuer
  • Hui Miao
  • Ms. Alla Myrvoda
  • Eriko Togo

Abstract

The COVID-19 crisis may lead to a series of costly and inefficient sovereign debt restructurings. Any such restructurings will likely take place during a period of great economic uncertainty, which may lead to protracted negotiations between creditors and debtors over recovery values, and potentially even relapses into default post-restructuring. State-contingent debt instruments (SCDIs) could play an important role in improving the outcomes of these restructurings.

Suggested Citation

  • Charles Cohen & Mr. S. M. Ali Abbas & Anthony Myrvin & Tom Best & Mr. Peter Breuer & Hui Miao & Ms. Alla Myrvoda & Eriko Togo, 2020. "The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings," IMF Staff Discussion Notes 2020/006, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2020/006
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    Citations

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    Cited by:

    1. Patrick Bolton & Mitu Gulati & Ugo Panizza, 2023. "Sovereign Debt Puzzles," Annual Review of Financial Economics, Annual Reviews, vol. 15(1), pages 239-263, November.
    2. Ozili, Peterson K., 2023. "The COVID-19 global debt crisis: how to avoid it," MPRA Paper 115831, University Library of Munich, Germany.

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