Debt Seniority and Sovereign Debt Crises

Debt Seniority and Sovereign Debt Crises
Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses? In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders. We show that when the... READ MORE...

Publication date: May 2018
ISBN 9781484353691
$18.00

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