Non-Defaultable Debt and Sovereign Risk

Non-Defaultable Debt and Sovereign Risk
We quantify gains from introducing non-defaultable debt as a limited additional financing option into amodel of equilibrium sovereign risk. We find that, for an initial (defaultable) sovereign debt level equalto 66 percent of trend aggregate income and a sovereign spread of 2.9 percent, introducing the possibilityof issuing non-defaultable debt... READ MORE...

Publication date: October 2014
ISBN 9781498325189
$18.00

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