Eine Analyse polit-ökonomischer Probleme bei Staatsumschuldungen

Wolfgang Eggert, Stephan Maximilian () and Handirk von Ungern-Sternberg ()
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Stephan Maximilian: Maximilian Stephan, Institut für Wirtschaftstheorie und Finanzwissenschaften, Albert-Ludwig-Universität Freiburg, Platz der Alten Synagoge 1,79098 Freiburg i. Br., Tel.: 0761 203–2362, E-Mail: maximilian.stephan@vwl.uni-freiburg.de
Handirk von Ungern-Sternberg: Handirk von Ungern-Sternberg, E-Mail: handirk.von.ungern@vwl.uni-freiburg.de

Zeitschrift für Wirtschaftspolitik, 2016, vol. 65, issue 2, 157-176

Abstract: Argentine (2005) and Greek (2012) debt restructuring programs lead to economic problems during the event. Conflicts among the creditors as well as between creditors and debtor arise during a debt restructuring. The difficulties are characterized by asymmetric information, uncertainty during the restructuring, willingness-to-pay, run-for-the-exit and holdout investors. We argue a holdout is not a destructive investor behaviour but a rational investment decision. The financial aid leads to moral hazard. The debtor could provide information to the creditors in order to reduce the information asymmetry, but if the debtor nation is not willing to do so, the creditors have practically no chance of receiving information on its financial status.

Keywords: Holdout; Staatsumschuldung; Holdout (search for similar items in EconPapers)
JEL-codes: H30 H60 H63 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1515/zfwp-2016-0013

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