01727cas a2200241 a 4500 AALejournalIMF005629 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451871944 1018-5941 BD-DhAAL BD-DhAAL Boz, Emine. Sovereign Default, Private Sector Creditors and the IFIs / Emine Boz. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (29 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 builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2009/046 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/046/001.2009.issue-046-en.xml IMF e-Library