Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings

Business & Finance, Economics, Money & Monetary Policy, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings by Julie Kozack, INTERNATIONAL MONETARY FUND
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Author: Julie Kozack ISBN: 9781452754376
Publisher: INTERNATIONAL MONETARY FUND Publication: December 1, 2005
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Julie Kozack
ISBN: 9781452754376
Publisher: INTERNATIONAL MONETARY FUND
Publication: December 1, 2005
Imprint: INTERNATIONAL MONETARY FUND
Language: English

Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.

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Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.

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