全球智库信息集成服务系统(G2TT): Renegotiation in Debt Chains

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27883
来源ID	Working Paper 27883
	Renegotiation in Debt Chains
	Vincent Glode; Christian Opp
发表日期	2020-10-05
出版年	2020
语种	英语
摘要	We develop a tractable model of strategic debt renegotiation in which businesses are sequentially interconnected through their liabilities. This financing structure, which we refer to as a debt chain, gives rise to externalities as a lender’s willingness to provide concessions to his privately-informed borrower depends on how this lender’s own liabilities are expected to be renegotiated. Our analysis reveals how targeted government subsidies and debt reductions as well as incentives for early renegotiation following large economic shocks such as COVID-19 or a financial crisis can prevent default waves.
主题	Financial Economics ; Financial Institutions ; Corporate Finance ; COVID-19
URL	https://www.nber.org/papers/w27883
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/585556
推荐引用方式 GB/T 7714	Vincent Glode,Christian Opp. Renegotiation in Debt Chains. 2020.