G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w26076
来源IDWorking Paper 26076
Partial Default
Cristina Arellano; Xavier Mateos-Planas; José-Víctor Ríos-Rull
发表日期2019-07-22
出版年2019
语种英语
摘要Using 50 years of data for emerging markets, we document that sovereign governments partially default often with varying intensity, resulting in lengthy default episodes with hump-shaped patterns for partial default and debt. Default episodes lead to haircuts for lenders but not to reductions in debt, because the defaulted debt accumulates and the sovereign continues to borrow at high interest rates. We present a theory of partial default that replicates these properties, which are absent in standard sovereign default theory. Partial default is a flexible way to raise funds, as the sovereign chooses its intensity and duration, but it also amplifies debt crises as the defaulted debt accumulates at increasingly high interest rates. This theory rationalizes the patterns of default episodes, the heterogeneity in partial default, and partial default’s comovements with spreads, debt, and output. We conduct policy counterfactuals in the form of pari passu and no-dilution clauses and debt relief policies, and we discuss their welfare implications.
主题Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance
URLhttps://www.nber.org/papers/w26076
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/583750
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GB/T 7714
Cristina Arellano,Xavier Mateos-Planas,José-Víctor Ríos-Rull. Partial Default. 2019.
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