Sovereign Bond Prices, Haircuts and Maturity

Sovereign Bond Prices, Haircuts and Maturity
Rejecting a common assumption in the sovereign debt literature, we document that creditor losses (“haircuts”) during sovereign restructuring episodes are asymmetric across debt instruments. We code a comprehensive dataset on instrument-specific haircuts for 28 debt restructurings with private creditors in 1999–2015 and find that haircuts on... READ MORE...

Publication date: May 2017
ISBN 9781484301098
$18.00

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