Structuring and Restructuring Sovereign Debt PDF Download

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Structuring and Restructuring Sovereign Debt

Structuring and Restructuring Sovereign Debt PDF Author: Mr. Patrick Bolton
Publisher: International Monetary Fund
ISBN: 1451912099
Category : Business & Economics
Languages : en
Pages : 30

Book Description
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 inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.
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