| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29872 |
| 来源ID | Working Paper 29872 |
| Sovereign Bond Restructuring: Commitment vs. Flexibility | |
| Jason Roderick Donaldson; Lukas Kremens; Giorgia Piacentino | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Sovereigns in distress often engage in debt restructuring, typically negotiating with multiple classes of bondholders at once. We use natural experiments to investigate whether sovereign bondholders benefit from committing not to restructure. We find that committing not to restructure one class of bonds is valuable for not only that class, but, in contrast to received theory, for others too. We develop a model to rationalize these cross-bond spillovers. It points to a system of cross-bond equations that, we show, can be exploited to quantify natural experiments and to estimate unobservable elasticities in terms of a few sufficient statistics. |
| 主题 | Financial Economics ; Corporate Finance ; Public Economics ; National Fiscal Issues ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w29872 |
| 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/587544 |
| 推荐引用方式 GB/T 7714 | Jason Roderick Donaldson,Lukas Kremens,Giorgia Piacentino. Sovereign Bond Restructuring: Commitment vs. Flexibility. 2022. |
| 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 | ||
| w29872.pdf（2782KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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