01861cas a2200253 a 4500 AALejournalIMF003606 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451861563 1018-5941 BD-DhAAL BD-DhAAL Zettelmeyer, Jeromin. Haircuts : Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 / Jeromin Zettelmeyer, Federico Sturzenegger. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (67 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing immediately after the exchange. We find average haircuts ranging from 13 percent (Uruguay external exchange) to 73 percent (2005 Argentina exchange). We also find within-exchange variations in haircuts, depending on the instrument tendered. With exceptions, domestic residents do not appear to have been treated systematically better (or worse) than foreign residents. Mode of access: Internet Sturzenegger, Federico. IMF Working Papers; Working Paper ; No. 2005/137 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/137/001.2005.issue-137-en.xml IMF e-Library