| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4887 |
| DP4887 Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals | |
| Karolina Ekholm; Sascha O. Becker; Robert Jäckle; Marc Muendler | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Macroeconomics |
| 关键词 | Sovereign debt Seniority Debt dilution Collective action clause Sovereign default |
| URL | https://cepr.org/publications/dp4887 |
| 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/533792 |
| 推荐引用方式 GB/T 7714 | Karolina Ekholm,Sascha O. Becker,Robert Jäckle,et al. DP4887 Location Choice and Employment Decisions: A Comparison of German and Swedish Multinationals. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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