Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively di...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
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Schriftenreihe: | IMF Working Papers
Working Paper No. 07/192 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring |
Beschreibung: | 1 Online-Ressource (27 p) |
ISBN: | 1451867565 9781451867565 |
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spelling | Bolton, Patrick Verfasser aut Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime Bolton, Patrick Washington, D.C International Monetary Fund 2007 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/192 In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring Online-Ausg Jeanne, Olivier Sonstige oth http://elibrary.imf.org/view/IMF001/08623-9781451867565/08623-9781451867565/08623-9781451867565.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Bolton, Patrick Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime |
title | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime |
title_auth | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime |
title_exact_search | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime |
title_exact_search_txtP | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime |
title_full | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime Bolton, Patrick |
title_fullStr | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime Bolton, Patrick |
title_full_unstemmed | Structuring and Restructuring Sovereign Debt The Role of a Bankruptcy Regime Bolton, Patrick |
title_short | Structuring and Restructuring Sovereign Debt |
title_sort | structuring and restructuring sovereign debt the role of a bankruptcy regime |
title_sub | The Role of a Bankruptcy Regime |
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