Three essays on intra-creditor coordination failures in sovereign debt restructuring:
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| Format: | Book |
| Language: | English |
| Published: |
2007
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| Subjects: | |
| Online Access: | Volltext Inhaltsverzeichnis |
| Item Description: | Passau, Univ., Diss., 2008 |
| Physical Description: | 111 Bl. Ill. |
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| 245 | 1 | 0 | |a Three essays on intra-creditor coordination failures in sovereign debt restructuring |c von Christian Engelen |
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Record in the Search Index
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|---|---|
| adam_text | Content
I. Introduction
..................................................................................................................10
1.1. Sovereign Debt Restructuring in the
Bretton
Woods Era
.....................................10
1.2.
The Economics of Sovereign Debt Restructuring
.................................................13
1.3.
Creditor Coordination in Recent Cases of Debt Exchange-Offers
........................16
1.4.
The International Financial Architecture and the Contractual Approach
.............18
1.5.
Three Papers on Intra-creditor Coordination Failures
...........................................19
II. Assurance Game in Argentinean Debt Restructuring
..................................................21
ILL Introduction
...........................................................................................................21
II.2. The Exchange-offer
...............................................................................................24
П.З.
The Stag-hunt Game
..............................................................................................26
II
.4.
Coordination in a Stag-hunt Game
........................................................................28
11.5. Effects of a Most Favoured Creditor Clause (MFC)
.............................................33
11.
6.
Effects of a Bonus Payment
..................................................................................35
11.
7.
Differences between Collective Action Clauses and Exit Consents
.....................38
11.8. Conclusion
.............................................................................................................40
11.9. Appendix
...............................................................................................................42
A.I. The case of
η
-Players..........................................................................................
42
III. Social Preferences in Sovereign Debt Restructuring
....................................................45
ПІЛ.
Introduction
...........................................................................................................45
111.2. Restructuring as an Ultimatum Game
...................................................................47
111.3. Heterogeneity among Creditors
.............................................................................52
Content
111.4.
Fairness and Reservation Values
...........................................................................54
111.
5.
Herding and
Intra-
Creditor Fairness
......................................................................59
111.
6.
Fairness and Majority Voting
................................................................................61
111.
7.
Fairness in a Bondholder Meeting
.........................................................................63
111.
8.
Conclusion
.............................................................................................................64
IV. Inter-temporal Discrimination among Creditors
..........................................................67
IV.
1.
Introduction
...........................................................................................................67
IV.2. From Private Sector Involvement to Private Sector Ownership
...........................69
IV.3. Heterogeneity and Inter-temporal Discrimination
................................................77
IV.4. Pre-Commitment via a Creditor Trust
...................................................................84
IV.5. Conclusion
.............................................................................................................89
IV.6. Appendix
...............................................................................................................91
A.I. The No Gap Case with Infinite Bargaining
.....................................................91
A.2. A Representation Clause
.............................................................·.........................94
V. Description of recent Crises
.........................................................................................97
V.l.
Details of Restructuring Terms
.............................................................................97
V.2. Details of Creditor Coordination
.........................................................................102
VI. References
..................................................................................................................105
|
| adam_txt |
Content
I. Introduction
.10
1.1. Sovereign Debt Restructuring in the
Bretton
Woods Era
.10
1.2.
The Economics of Sovereign Debt Restructuring
.13
1.3.
Creditor Coordination in Recent Cases of Debt Exchange-Offers
.16
1.4.
The International Financial Architecture and the Contractual Approach
.18
1.5.
Three Papers on Intra-creditor Coordination Failures
.19
II. Assurance Game in Argentinean Debt Restructuring
.21
ILL Introduction
.21
II.2. The Exchange-offer
.24
П.З.
The Stag-hunt Game
.26
II
.4.
Coordination in a Stag-hunt Game
.28
11.5. Effects of a Most Favoured Creditor Clause (MFC)
.33
11.
6.
Effects of a Bonus Payment
.35
11.
7.
Differences between Collective Action Clauses and Exit Consents
.38
11.8. Conclusion
.40
11.9. Appendix
.42
A.I. The case of
η
-Players.
42
III. Social Preferences in Sovereign Debt Restructuring
.45
ПІЛ.
Introduction
.45
111.2. Restructuring as an Ultimatum Game
.47
111.3. Heterogeneity among Creditors
.52
Content
111.4.
Fairness and Reservation Values
.54
111.
5.
Herding and
Intra-
Creditor Fairness
.59
111.
6.
Fairness and Majority Voting
.61
111.
7.
Fairness in a Bondholder Meeting
.63
111.
8.
Conclusion
.64
IV. Inter-temporal Discrimination among Creditors
.67
IV.
1.
Introduction
.67
IV.2. From Private Sector Involvement to Private Sector Ownership
.69
IV.3. Heterogeneity and Inter-temporal Discrimination
.77
IV.4. Pre-Commitment via a Creditor Trust
.84
IV.5. Conclusion
.89
IV.6. Appendix
.91
A.I. The "No Gap Case" with Infinite Bargaining
.91
A.2. A Representation Clause
.·.94
V. Description of recent Crises
.97
V.l.
Details of Restructuring Terms
.97
V.2. Details of Creditor Coordination
.102
VI. References
.105 |
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| spelling | Engelen, Christian Verfasser (DE-588)130684007 aut Three essays on intra-creditor coordination failures in sovereign debt restructuring von Christian Engelen 2007 111 Bl. Ill. txt rdacontent n rdamedia nc rdacarrier Passau, Univ., Diss., 2008 Umschuldung (DE-588)4117280-2 gnd rswk-swf Auslandsschulden (DE-588)4003783-6 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Entwicklungsländer (DE-588)4014954-7 g Auslandsschulden (DE-588)4003783-6 s Umschuldung (DE-588)4117280-2 s DE-604 Erscheint auch als Online-Ausgabe urn:nbn:de:bvb:739-opus-11960 http://www.opus-bayern.de/uni-passau/volltexte/2008/1196/ kostenfrei Volltext Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016484229&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Engelen, Christian Three essays on intra-creditor coordination failures in sovereign debt restructuring Umschuldung (DE-588)4117280-2 gnd Auslandsschulden (DE-588)4003783-6 gnd |
| subject_GND | (DE-588)4117280-2 (DE-588)4003783-6 (DE-588)4014954-7 (DE-588)4113937-9 |
| title | Three essays on intra-creditor coordination failures in sovereign debt restructuring |
| title_auth | Three essays on intra-creditor coordination failures in sovereign debt restructuring |
| title_exact_search | Three essays on intra-creditor coordination failures in sovereign debt restructuring |
| title_exact_search_txtP | Three essays on intra-creditor coordination failures in sovereign debt restructuring |
| title_full | Three essays on intra-creditor coordination failures in sovereign debt restructuring von Christian Engelen |
| title_fullStr | Three essays on intra-creditor coordination failures in sovereign debt restructuring von Christian Engelen |
| title_full_unstemmed | Three essays on intra-creditor coordination failures in sovereign debt restructuring von Christian Engelen |
| title_short | Three essays on intra-creditor coordination failures in sovereign debt restructuring |
| title_sort | three essays on intra creditor coordination failures in sovereign debt restructuring |
| topic | Umschuldung (DE-588)4117280-2 gnd Auslandsschulden (DE-588)4003783-6 gnd |
| topic_facet | Umschuldung Auslandsschulden Entwicklungsländer Hochschulschrift |
| url | http://www.opus-bayern.de/uni-passau/volltexte/2008/1196/ http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016484229&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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