The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings

Coordination Failures in Sovereign Debt Restructurings

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings
Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpretations for why they did not materialize. When the exchange offer is sufficiently attractive vis-à-vis holding out, full participation READ MORE...

Publication date: November 2011
ISBN 9781463924645
$18.00

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