Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11000 |
DP11000 Writing-down debt with heterogeneous creditors: lock laws and late swap | |
Marcus Miller; Sayantan Ghosal | |
发表日期 | 2015-12-20 |
出版年 | 2015 |
语种 | 英语 |
摘要 | The presence of ?holdouts? in recent sovereign debt swaps poses a challenge to bargaining models which assume all creditors to be homogeneous. We modify the Rubinstein ?alternating offers? framework so as to accommodate exogenous creditor heterogeneity - specifically holdouts more patient than other bondholders. The ?second best? equilibrium derived is an initial offer and an associated ?lock-law? sufficient to tempt impatient creditors into a prompt bond exchange. This is followed by a delayed, but more generous, swap with the patient creditors, timed to take place when the lock-law expires. In practice, however, the presence of holdouts may be endogenous: they may be late-comers who buy distressed bonds with a view to litigating for the full face value plus their costs of waiting. Provisions for protecting other bond holders from the negative externality caused by such tactics are briefly discussed. However, where the judge has mandated good faith bargaining with holdout creditors, the bargaining outcome we derive may be useful to indicate a basis for compromise |
主题 | International Macroeconomics and Finance |
关键词 | Sovereign debt restructuring Bargaining Holdouts Delay Lock law Second-best |
URL | https://cepr.org/publications/dp11000 |
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/539829 |
推荐引用方式 GB/T 7714 | Marcus Miller,Sayantan Ghosal. DP11000 Writing-down debt with heterogeneous creditors: lock laws and late swap. 2015. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Marcus Miller]的文章 |
[Sayantan Ghosal]的文章 |
百度学术 |
百度学术中相似的文章 |
[Marcus Miller]的文章 |
[Sayantan Ghosal]的文章 |
必应学术 |
必应学术中相似的文章 |
[Marcus Miller]的文章 |
[Sayantan Ghosal]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
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。