| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10950 |
| DP10950 Sovereign Debt Restructurings: Preemptive or Post-Default | |
| Christoph Trebesch; Tamon Asonuma | |
| 发表日期 | 2015-11-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Sovereign debt restructurings can be implemented preemptively - prior to a payment default. We code a comprehensive new dataset and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower output losses. To rationalize these stylized facts, we build a quantitative sovereign debt model that incorporates preemptive and post-default renegotiations. The model improves the fit with the data and explains the sovereign's optimal choice: preemptive restructurings occur when default risk is high ex-ante, while defaults occur after unexpected bad shocks. Empirical evidence supports these predictions. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Crisis resolution Debt restructuring Default Sovereign debt |
| URL | https://cepr.org/publications/dp10950 |
| 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/539779 |
| 推荐引用方式 GB/T 7714 | Christoph Trebesch,Tamon Asonuma. DP10950 Sovereign Debt Restructurings: Preemptive or Post-Default. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
