Waiting for a haircut? A bargaining perspective on sovereign debt restructuring

Ghosal, S. , Miller, M. and Thampanishvong, K. (2019) Waiting for a haircut? A bargaining perspective on sovereign debt restructuring. Oxford Economic Papers, 71(2), pp. 405-420. (doi: 10.1093/oep/gpy048)

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Recent investigation of sovereign debt negotiations finds that serious debt restructuring typically involves multi-period delay. We develop an incomplete information bargaining model to account for this, highlighting economic recovery and sustainability considerations as complementary reasons for delay. Evidence relating to settlements, along with the policy implications of our analysis, are discussed.

Item Type:Articles
Additional Information:This work was supported by the Economic and Social Research Council [RES 156-25-0032, RES 051-27-0125].
Glasgow Author(s) Enlighten ID:Ghosal, Professor Sayantan
Authors: Ghosal, S., Miller, M., and Thampanishvong, K.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Oxford Economic Papers
Publisher:Oxford University Press
ISSN (Online):1464-3812
Published Online:28 September 2018
Copyright Holders:Copyright © 2018 Oxford University Press
First Published:First published in Oxford Economic Papers 71(2):405-420
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

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