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

Sayantan Ghosal, Marcus Miller and Kannika Thampanishvong

Oxford Economic Papers, 2019, vol. 71, issue 2, 405-420

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.

JEL-codes: C78 F34 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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Working Paper: Waiting for a haircut? A bargaining perspective on sovereign debt restructuring (2016)
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