haku: @author Hayri, A. / yhteensä: 1
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| Tekijä: | Hayri, A. |
| Otsikko: | Debt relief |
| Lehti: | Journal of International Economics
2000 : OCT, VOL. 52:1, p. 137-152 |
| Asiasana: | INTERNATIONAL ECONOMICS DEBT COMMITMENT |
| Kieli: | eng |
| Tiivistelmä: | This paper develops pricing formulae for sovereign debt by incorporating strategic debt relief games into a model of debt pricing under continuous time uncertainty. Two types of debt relief for sovereign borrowers are considered: debt reductions and exit deals. The formulae provide a good fit to the data and generate plausible predictions in a simulation analysis. The paper also examines how the availability of credible commitment mechanisms affects the amount of debt reduction. |
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