IMF Staff Papers

IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference

Author/Editor:

Robert P Flood

Publication Date:

August 25, 2003

Electronic Access:

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Summary:

The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.

Series:

IMF Staff Papers No. 2003/005

Subject:

Asset and liability management Consumption Corporate insolvency Debt restructuring External position Financial crises Financial institutions Foreign assets Sovereign debt restructuring Stocks