| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10322 |
| DP10322 The Long and the Short of It: Sovereign Debt Crises and Debt Maturity | |
| Raquel Fernández; Alberto Martin | |
| 发表日期 | 2014-12-21 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long-term bonds subject to standard contracting frictions: the country cannot commit to repay its debts nor to a specific path of future debt issues, and contracts cannot be made state contingent nor renegotiated. We show that, in order to reduce incentives to engage in debt dilution, the country must issue short-term debt. This exposes it to roll-over crises and inefficient repayments. We examine the effects of alternative restructuring regimes, which either write-down debt or extend its maturity in the event of crises, and show that both necessarily improve ex ante welfare if they they do not decrease expected payments to creditors during crises. In particular, we show that the way in which these regimes redistribute payments between short- and long-term creditors, which has been a central point in recent policy debates, is inconsequential. |
| 主题 | International Macroeconomics |
| 关键词 | Restructuring Reprofiling Imf Sovereign debt Dilution Optimal maturity |
| URL | https://cepr.org/publications/dp10322 |
| 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/539154 |
| 推荐引用方式 GB/T 7714 | Raquel Fernández,Alberto Martin. DP10322 The Long and the Short of It: Sovereign Debt Crises and Debt Maturity. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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