Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime

The Role of a Bankruptcy Regime

Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This... READ MORE...

Publication date: August 2007
ISBN 9781451867565
$18.00

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