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Take the short route : how to repay and restructure sovereign debt with multiple maturities

Author: Mark Aguiar; Manuel Amador; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 19717.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging process, retiring  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mark Aguiar; Manuel Amador; National Bureau of Economic Research.
OCLC Number: 865777175
Notes: Title from http://www.nber.org/papers/19717 viewed December 20, 2013.
"December 2013."
Description: 1 online resource (54 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19717.
Responsibility: Mark Aguiar, Manuel Amador.

Abstract:

We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging process, retiring long-term bonds as they mature but never actively issuing or buying back these bonds. The only active margin is the short-term bond market, which involves partial roll over of such debt. Any active maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the deleveraging process. We also show that there exist a set of Pareto improving debt restructurings in which maturities are shortened; however, these cannot be implemented by trading in competitive secondary markets.

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