Author: Anna Gelpern / Topic: Economics

Author:: Maurice Obstfeld, Adam S. Posen, Olivier Blanchard, Chad P. Bown, Cullen S. Hendrix, Ana González, Simeon Djankov, Anne-Laure Kiechel, Anna Gelpern, Sean Hagan, Adnan Mazarei, Christopher G. Collins, Simon Potter, Edwin M. Truman, and Joseph E. Gagnon
Publication Date:: 04-2020
Content Type:: Special Report
Institution:: Peterson Institute for International Economics
Abstract:: The world's leading economic powers must cooperate more to combat the health and economic shocks resulting from the COVID-19 pandemic. In a new PIIE Briefing, Peterson Institute experts outline how collective action by the Group of Twenty (G20) nations can make a difference. The PIIE agenda includes removal of trade barriers impeding the flow of medical supplies and food, and more money for research, testing, and disease control, especially for debt-burdened low-income countries. The World Bank and the World Health Organization need more resources to relieve suffering, and the International Monetary Fund must step up to stabilize the world financial system.
Topic:: Economics, Health, World Health Organization, International Monetary Fund, World Bank, G20, and Coronavirus
Political Geography:: Global Focus

Author:: Anna Gelpern
Publication Date:: 08-2014
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics
Abstract:: The escalating crisis in Ukraine has prompted the United States and Europe to impose the toughest economic sanctions against Russia since the end of the Cold War. Continued instability and military conflict in eastern Ukraine are straining Ukrainian finances. Despite a generous international support package, the government faces shrinking revenues, rising costs, and a spike in foreign debt payments over the next two years.
Topic:: Cold War, Debt, and Economics
Political Geography:: Russia, Ukraine, and Asia

Author:: Anna Gelpern
Publication Date:: 09-2005
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics
Abstract:: Argentina has finally restructured its foreign debt. Its credit rating is up, and its debt is back in the index. The new bonds are trading roughly in line with Brazil and Uruguay's, just above 400 basis points over treasuries for instruments of comparable duration. Argentina is raising new money from foreign investors. Earlier in the summer of 2005, it reopened a domestic dollar issue to accommodate excess foreign demand. Argentina and the International Monetary Fund (IMF) are on again. They might even sign a new disbursing program after the fall 2005 congressional elections. Like a bad dream, the 2001 default is fading into the night after three years of brisk growth and impressive fiscal management—even as the usual nabobs natter on about structural reform and unhappy bondholders.
Topic:: International Relations, Debt, and Economics
Political Geography:: South America

Author:: Anna Gelpern
Publication Date:: 06-2005
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Financial collapse usually triggers a flurry of market, academic, and policy innovation. The Latin American debt crisis of the 1980s produced the Brady Bonds and led to the rise of today's emerging markets. In the late 1990s, crises in Pakistan, Ecuador, and Ukraine helped teach the markets how to restructure international sovereign bonds. Crises in Mexico, Russia, Brazil, Turkey, and throughout East Asia raised doubts about the international system's ability to manage vast and rapid capital flows, and prompted a big-picture reassessment under the rubric “international financial architecture.” This included most famously the sovereign bankruptcy proposals discussed elsewhere in this volume.
Topic:: Development and Economics
Political Geography:: Pakistan, Russia, Turkey, Ukraine, Middle East, East Asia, Brazil, South America, Latin America, and Mexico

Author:: Brad Setser and Anna Gelpern
Publication Date:: 05-2005
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: "Equality" has the ring of a basic value, an incontrovertible virtue. In international finance, equal treatment is enshrined in treaties and contracts. Of all the equal treatment aspirations in finance, none seems more essential to a lawyer than equal treatment of creditors holding identical legal instruments: if one is to suffer a default, surely so should the others; restructuring options available to one must be open to all without regard to the creditor's identity. Yet in the world of sovereign debt, local and foreign investors buying the same paper rarely achieve what anyone would recognize as equal treatment.
Topic:: Debt, Economics, Government, and International Trade and Finance

Author:: Anna Gelpern
Publication Date:: 04-2005
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Argentina has completed the largest and most complex sovereign bond restructuring in history. Before the debt exchange, it owed about $82 billion in principal and $20 billion in past due interest. Hundreds of thousands of creditors held 150 kinds of defaulted instruments issued in six currencies under the laws of eight jurisdictions. Creditors owed just over 76% of the total, or $62 billion, got $35 billion in new performing bonds. Other performing debt includes $40 billion in domestic and about $30 billion in multi-lateral obligations. Argentina left behind almost $25 billion in defaulted principal and interest.
Topic:: Development, Economics, and International Trade and Finance
Political Geography:: Argentina and South America

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