English, Article, Journal or magazine article edition: Default-risky Sovereign Debt Andreas Wiggers

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Bookmark: http://trove.nla.gov.au/version/52317
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Default-risky Sovereign Debt
Author
  • Andreas Wiggers
Physical Description
  • preprint
Notes
  • Not only corporate but also sovereign debtors, in particular developing countries, may get into financial difficulties. Contrary to corporate issuers, they decide themselves if they continue to fulfill their debt obligations or convert their debt. I analyze the value of a default-risky sovereign bond in a setting in which foreign trade is reduced in case the country does not fulfill its obligations. Comparing the costs of debt service with the value of the punishment via foreign trade, the country voluntarily decides when to reorganize its debt. Knowing this threshold the value of a sovereign coupon-bond can be calculated.
  • Credit risk, sovereign debt, endogenous default
  • RePEc:bon:bonedp:bgse36_2002
Language
  • English
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