Serial Default and Debt Renegotiation
Tamon Asonuma ()
No 169, 2010 Meeting Papers from Society for Economic Dynamics
with the number of past defaults, consistent with empirical observations. The equilibrium of the model also accords with an additional observed fact: a country for which default terms require less than a 100 percent recovery rate tends to pay a higher rate of return (relative to a risk-free rate) on subsequently issued debt than do defaulting countries that agree to a full recovery rate.
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Working Paper: Serial default and debt renegotiation (2012)
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