Erschienen in:IMF Working Paper, Vol. , pp. 1-68, 2005
Umfang:
1 Online-Ressource (68 p)
Sprache:
Nicht zu entscheiden
DOI:
10.2139/ssrn.888006
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2005 erstellt
Beschreibung:
This paper estimates bond-by-bond haircuts realized investor losses in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing immediately after the exchange. We find average haircuts ranging from 13 percent (Uruguay external exchange) to 73 percent (2005 Argentina exchange). We also find within-exchange variations in haircuts, depending on the instrument tendered. With exceptions, domestic residents do not appear to have been treated systematically better (or worse) than foreign residents