| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28292 |
| 来源ID | Working Paper 28292 |
| Sovereign Debt Standstills | |
| Juan C. Hatchondo; Leonardo Martinez; César Sosa-Padilla | |
| 发表日期 | 2021-01-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without write-offs on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill generates welfare gains for the sovereign equivalent to a permanent consumption increase of between 0.1% and 0.3%, depending on the initial shock. However, except when it avoids a default, the standstill also implies capital losses for creditors of between 9% and 27%, which is consistent with their reluctance to participate in these operations and indicates that this reluctance would persist even without a free-riding or holdout problem. We show that complementing the standstill with write-offs could reduce creditors’ losses and simultaneously increase welfare gains. Our results cast doubts on the emphasis on standstills without a write-off. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; COVID-19 |
| URL | https://www.nber.org/papers/w28292 |
| 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/585965 |
| 推荐引用方式 GB/T 7714 | Juan C. Hatchondo,Leonardo Martinez,César Sosa-Padilla. Sovereign Debt Standstills. 2021. |
| 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 | ||
| w28292.pdf（1741KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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