Contents
|
Summing Up by the Acting Chairman, Executive
Board Meeting, March 17, 1999

|
Preface

|
Part I. |
Foreground
Prevention
Measures to Facilitate the Private Sector's Involvement in
Forestalling and Resolving Financial Crises
Concluding Observations

|
Part II. |
Background
Managing Risk and Liquidity in Volatile emerging Debt Markets
Embedding Derivatives in Debt Contracts
Private Sector Contingent Financing
Arrangements
Use of Derivatives in Debt Instruments to Provide
Insurance
External Debt Monitoring and Concerted Rollover of Short- Term
Debt
Coverage of Debt Monitoring
Use of Data Collected by Monitoring Systems
Concerted Rollover Operations
Restructuring International Sovereign Bonds
General Considerations
Possible Modalities of Bond Restructuring
Restructuring Brady Bonds
Restructuring Bonds Supported by Liens on
Borrowers'
Assets
Modification of Bond Contracts
Experience with Quasi-Sovereign and Sovereign
Bond
Restructuring
Official Enhancements of Emerging Market Debt Instruments
Official Enhancements to Attract New Money:
General Considerations
Recent Examples of Credit Enhancements
Official Support for Debt Restructuring
|
Tables |
|
1.1
|
Progress on Previously Identified Measures to Improve Private Sector Involvement in
Forestalling and Resolving Financial Crises
|
|
2.1
|
Bonds That Can Be Put for Emerging Markets, 1999–2000
|
|
2.2
|
Loans That Can Be Put for Emerging Markets, 1999–2000
|
|
2.3
|
Maturing bonds Issued by Emerging Markets and
Sectors, 1999–2000
|
|
2.4
|
Selected Bond Restructurings
|
Figures |
|
2.1
|
International New Bond Issues and Bond Redemptions
|
|
|
By Developing Country Sovereign Borrowers
|
|
2.2
|
International New Bond Issues and Bond Redemptions
By Developing Country Nonsovereign Borrowers |
Boxes |
|
2.1
|
Derivatives and Balance of Payments Crises
|
|
2.2
|
Design of Monitoring Systems
|
|
2.3
|
Korea
|
|
2.4
|
Indonesia, Thailand, and Brazil
|
|
2.5
|
Comparison Between Legal and Institutional Factors
|
|
2.6
|
The IBRD's New Policy on Guarantees
|
|
2.7
|
World Bank Guarantee of Hungarian Bond
|
|
2.8
|
Liquidity Puts
|
|
2.9
|
The World Bank EGAT Rolling Coupon Guarantee
|