G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1732
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
URLhttps://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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