G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10950
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
URLhttps://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.
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