تفاصيل الكتاب
تنسيق
كتاب إلكتروني
صفحات
29
لغة
الإنجليزية
منشور
May 9, 2014
الناشر
INTERNATIONAL MONETARY FUND
رقم ISBN-10
1282391941
رقم ISBN-13
9781282391949
الوصف
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 among lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring.