| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26076 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w26076 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583750 |
| 推荐引用方式 GB/T 7714 | Cristina Arellano,Xavier Mateos-Planas,José-Víctor Ríos-Rull. Partial Default. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26076.pdf（537KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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