149 research outputs found
Sovereign debt restructuring : the judge, the vultures and creditor rights
What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets?
The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity â between holdouts seeking capital gains and institutional investors wanting a settlement â to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a âjudge-mediatedâ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMFâs still-born Sovereign Debt Restructuring Mechanism.
For the future, we discuss how judge-mediated sovereign debt restructuring (together with creditor committees) could complement the alternative promoted by the US Treasury, namely collective action clauses in sovereign bond contracts
Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement
Financial Development, International Trade and Economic Growth: Empirical Evidence from Pakistan
The study utilizes the Autoregressive-distributed lag (ARDL) approach for cointegration and Granger causality test, to explore the long run equilibrium relationship and the possible direction of causality between international trade, financial development and economic growth for the Pakistan economy. Imports plus exports of goods and services is used as a proxy for international trade, while broad money (M2) and gross domestic product (GDP) are used as the proxies for financial development and economic growth, respectively. Result explores a long run relationship between the variables. In case of Pakistan, economy supply leading hypothesis is accepted. Moreover, unidirectional causality is observed from international trade to economic growth and from financial development to international trade
- âŠ