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Pooling sovereign risks: The case of environmental treaties and international debt

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UNSPECIFIED (1998) Pooling sovereign risks: The case of environmental treaties and international debt. JOURNAL OF DEVELOPMENT ECONOMICS, 55 (1). pp. 173-190.

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Abstract

A model is analysed in which a sovereign country engages in independent obligations to repay a creditor bank and to keep an environmental treaty. It is shown that the linkage of both obligations through a cross-default contract, whereby the sovereign is deemed to be in default of both contracts if either is defaulted on, may reduce the sovereign risk attached to both the debt and the environmental contracts. A sufficient condition for this is that the initial sovereign risks be not too high. Moreover, the linkage will create an incentive for the sovereign and the bank to engage in a debt-for-nature swap. (C) 1998 Elsevier Science B.V.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
Journal or Publication Title: JOURNAL OF DEVELOPMENT ECONOMICS
Publisher: ELSEVIER SCIENCE BV
ISSN: 0304-3878
Official Date: February 1998
Dates:
DateEvent
February 1998UNSPECIFIED
Volume: 55
Number: 1
Number of Pages: 18
Page Range: pp. 173-190
Publication Status: Published

Data sourced from Thomson Reuters' Web of Knowledge

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