Sustainability and Equity Challenges to Pension Systems: The Case of Lebanon
Tamon Asonuma (),
Mike Xin Li (),
Saji Thomas (),
Michael G. Papaioannou () and
Eriko Togo ()
Additional contact information
Mike Xin Li: International Monetary Fund, U.S.A.
Saji Thomas: International Monetary Fund, U.S.A.
Michael G. Papaioannou: International Monetary Fund, U.S.A.
Eriko Togo: International Monetary Fund, U.S.A.
Journal of Banking and Financial Economics, 2018, vol. 2, issue 10, 67-106
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Keywords: Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; Serial Defaults; Grenada; Disaster Clause (search for similar items in EconPapers)
JEL-codes: F34 G15 H63 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://www.wz.uw.edu.pl/portaleFiles/3842-journal- ... 4_Asonuma_at_all.pdf (text/html)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:sgm:jbfeuw:v:2:y:2018:i:10:p:67-105
Access Statistics for this article
More articles in Journal of Banking and Financial Economics from University of Warsaw, Faculty of Management Contact information at EDIRC.
Bibliographic data for series maintained by ().