English, Article edition: Structuring and Restructuring Sovereign Debt: The Role of Seniority-super-1 PATRICK BOLTON; OLIVIER JEANNE

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Bookmark: http://trove.nla.gov.au/version/108688
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  • article
Language
  • English

Edition details

Title
  • Structuring and Restructuring Sovereign Debt: The Role of Seniority-super-1
Author
  • PATRICK BOLTON
  • OLIVIER JEANNE
Physical Description
  • article
Notes
  • We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending may result in an equilibrium sovereign debt structure that is excessively difficult to restructure. A bankruptcy regime for sovereigns can alleviate this inefficiency but only if it is endowed with far-reaching powers to enforce seniority and subordination clauses in debt contracts. A bankruptcy regime that makes sovereign debt easier to restructure without enforcing seniority may decrease welfare. Copyright Copyright © 2009 The Review of Economic Studies Limited.
  • RePEc:bla:restud:v:76:y:2009:i:3:p:879-902
Language
  • English
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