Structuring and restructuring sovereign debt
the role of seniority
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Author
Contributions
- Jeanne, Olivier. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
13,500 words, Guess
Page Count
54 pages
Identifiers
- OCLC Control Number57672763
- Open LibraryOL17625740M
Description
"In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is excessively difficult to restructure in equilibrium. Alleviating this inefficiency requires a sovereign debt restructuring mechanism that fulfills some of the functions of corporate bankruptcy regimes, in particular the enforcement of seniority and subordination clauses in debt contracts"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series -- no. 11071.
- Working paper series (National Bureau of Economic Research) -- working paper no. 11071.
Links
Other Editions
- Structuring and restructuring sovereign debt: the role of seniority
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