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

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Ghosal, Sayantan , Miller, Marcus and Thampanishvong, Kannika (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 ISSN 0030-7653.

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Official URL: https://doi.org/10.1093/oep/gpy048

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Abstract

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: Journal Article
Subjects: H Social Sciences > HJ Public Finance
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Debts, Public -- Mathematical models, Economic development
Journal or Publication Title: Oxford Economic Papers
Publisher: Oxford University Press
ISSN: 0030-7653
Official Date: April 2019
Dates:
DateEvent
April 2019Published
28 September 2018Available
4 April 2018Accepted
Volume: 71
Number: 2
Page Range: pp. 405-420
DOI: 10.1093/oep/gpy048
Status: Peer Reviewed
Publication Status: Published
Reuse Statement (publisher, data, author rights): This is a pre-copyedited, author-produced version of an article accepted for publication in Oxford Economic Papers following peer review. The version of record available online at: https://doi.org/10.1093/oep/gpy048
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 26 July 2018
Date of first compliant Open Access: 28 September 2020
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
RES156-25-0032 [ESRC] Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269
RES051-27-0125[ESRC] Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269
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