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Friday, July 24, 2020 | History

4 edition of Structuring and restructuring sovereign debt found in the catalog.

Structuring and restructuring sovereign debt

Patrick Bolton

Structuring and restructuring sovereign debt

the role of seniority

by Patrick Bolton

  • 354 Want to read
  • 24 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Debt relief -- Mathematical models.,
  • Debts, External -- Mathematical models.

  • Edition Notes

    StatementPatrick Bolton, Olivier Jeanne.
    SeriesNBER working paper series ;, working paper 11071, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 11071.
    ContributionsJeanne, Olivier., National Bureau of Economic Research.
    Classifications
    LC ClassificationsHB1
    The Physical Object
    FormatElectronic resource
    ID Numbers
    Open LibraryOL3476671M
    LC Control Number2005616200

    Structuring and Restructuring Sovereign Debt: The Role of Seniority Patrick Bolton, Olivier Jeanne. NBER Working Paper No. Issued in January NBER Program(s):Corporate Finance, International Finance and Macroeconomics In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims Cited by: structuring and restructuring sovereign debt lenders also seek to protect themselves individually against selective defaults by the sovereign on a subset of its debts. Thus, by attempting to divert a selective default onto other debts, individual lenders may end up providing too much debt that is difficult to restructure. Just as.

    Patrick Bolton and Olivier Jeanne Working Paper, November Abstract 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 di¢ cult to restructure. A bankruptcy regime for sovereigns can alleviate this ine¢ ciency but only if it is endowed with far-reaching powers [ ]. Sovereign Default, Debt Restructuring, and Recovery Rates: Was the Argentinean "Haircut" Excessive? Sebastian Edwards. NBER Working Paper No. Issued in February NBER Program(s):International Finance and Macroeconomics. I use data on sovereign defaults to analyze what determines the recovery rate after a debt restructuring by: 1.

      Books on Restructuring (Originally Posted: 04/02/) Hi, I'm on the lookout for books to learn more on the topic of Financial Restructuring. I heard about these two (pricey) books: Distressed Debt Analysis by Stephen Moyer - European Debt Restructuring Handbook by Kon Asimacopoulos and Justin Bickle. Sovereign Debt: Genesis - Restructuring - Litigation Mauro Megliani (auth.) This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation.


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Structuring and restructuring sovereign debt by Patrick Bolton Download PDF EPUB FB2

The experience of Russian sovereign debt restructuring in s and early s presents an interesting case for study. Russian external debt came down from the unsustainable burden of the early s to a record low level of just 11% of GDP in This miracle can be accredited to high oil prices (which jumped from approximately US $20 per Author: Alexander Nadmitov.

Debt Restructuring provides a legal analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective. It provides a practical guide for creditors holding distressed debt, debtor options in a distressed scenario and the necessary steps for the parties to achieve their goals.5/5(1).

Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime. In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post.

Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime ∗ Patrick Bolton Columbia University∗∗ Olivier Jeanne IMF§ This version, November ∗This paper has benefited from the comments of Anil Kashyap (the editor) and three anonymous referees.

The views expressed in this paper are those of the author and shouldCited by: Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime Prepared by Patrick Bolton and Olivier Jeanne Authorized for distribution by Paolo Mauro August Abstract This Working Paper should not be reported as representing the views of the IMF.

Sovereign debt restructuring has been a major policy issue for the international community since the mid s. A new source of concern that has emerged, in particular, is that orderly debt restructuring has been made more di¢ cult by the greater dispersion of debt holdings among a large number of small investors around the by: Request PDF | Structuring and Restructuring Sovereign Debt: The Role of Seniority1 | We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending may result in an.

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from –; it includes debt exchanges with foreign banks and bondholders, and bilateral debt agreements.

creditors to hold restructured sovereign credits on their books at par. This was an example, as the eurozone peripheral sovereign debt crisis is today, of a situation in which the fragile balance sheets of creditor banks drove a debt restructuring technique that was in many respects artificial and visibly inadequate to deal with the problem.

Sovereign debt (re)structuring Where do we stand. PIERRE-FRANÇOIS WEBER International and European Relations Directorate International Monetary Relations Division Argentina’s debt default in moved the international community to launch initiatives to develop procedures for the orderly restructuring of unsustainable sovereign debt.

Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies.

One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become.

Structuring and Restructuring Sovereign Debt: The Role of Seniority Article (PDF Available) in Review of Economic Studies 76(3) February with Reads How we measure 'reads'.

inefficiency requires a sovereign debt restructuring mechanism that fulfills some of the functions of corporate bankruptcy regimes, in particular the enforcement of seniority and subordination clauses in debt contracts.

Structuring and Restructuring Sovereign Debt. [Patrick Bolton; Olivier Jeanne] -- In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post.

Keywords: Sovereign debt, Debt restructuring, Bankruptcy, Sovereign Debt Restructuring Mechanism, Working Paper Suggested Citation: Suggested Citation Bolton, Patrick and Jeanne, Olivier, Structuring and Restructuring Sovereign Debt: The Cited by: Structuring and Restructuring Sovereign Debt: The Role of Seniority.

Patrick Bolton and Olivier Jeanne (). NoNBER Working Papers from National Bureau of Economic Research, Inc Abstract: In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to by: The literature on sovereign debt has commonly assumed sovereign defaults and debt restructuring are not costless.

The economic costs of a sovereign's unilateral decision to stop servicing its debt, it argues, are a government's main incentive to honour its debt obligations.

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt – bilateral debt, multilateral debt, syndicated debt and bonded debt – in relation to three crucial contexts: genesis, restructuring and litigation.

Its treatise-style approach makes. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending may result in an equilibrium sovereign debt struc-ture that is excessively di ¢ cult to restructure.

A bankruptcy regime for sovereigns can alleviate this ine ¢ ciency but only if it is endowed with far-reaching powers to enforce. Debt restructuring is a process used by companies to avoid the risk of default on existing debt or to take advantage of lower available interest rates.

Debt restructuring. 1 Introduction. Sovereign debt restructuring has been a major policy issue for the international community since the mid's.

A new source of concern that has emerged, in particular, is that orderly debt restructuring has been made more difficult by the greater dispersion of debt holdings among a large number of small investors around the by: In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post.

We show, however, that competition for repayment between lenders may result in a sovereign debt that is excessively difficult to restructure in by: "Structuring and Restructuring Sovereign Debt: The Role of Seniority," CEPR Discussion PapersC.E.P.R.

Discussion Papers. Patrick Bolton & Olivier Jeanne, " Structuring and Restructuring Sovereign Debt: The Role of Seniority," NBER Working PapersNational Bureau of Economic Research, Inc.