| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1732 |
| DP1732 A Strategy for Launching the Euro | |
| Maurice Obstfeld | |
| 发表日期 | 1997-10-31 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper develops a model for pricing sovereign debt under continuous time uncertainty, allowing creditors to carry out debt reductions. Focusing on the sovereign?s willingness to pay rather than on their ability to pay, it models debt reductions as a non-cooperative game. The formulae derived from the model successfully predict the outcomes of the Brady debt relief deals. The model also predicts that the sovereign will get a positive share of the surplus generated by the debt reductions and that the country will be on the ?wrong? side of its Debt Laffer curve well before the debt reduction. |
| 主题 | International Macroeconomics |
| 关键词 | Brady deals Continuous-time uncertainty real options Debt reduction Debt relief |
| URL | https://cepr.org/publications/dp1732 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530867 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP1732 A Strategy for Launching the Euro. 1997. |
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