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Holdouts in Sovereign Debt Restructuring : A Theory of Negotiation in a Weak Contractual Environment

Author: Rohan Pitchford; Mark L J Wright
Publisher: Cambridge, Mass. National Bureau of Economic Research 2010.
Series: Working paper series (National Bureau of Economic Research), no. w16632.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Why is it difficult to restructure sovereign debt in a timely manner? In this paper we present a theory of the sovereign debt restructuring process in which delay arises as individual creditors hold-up a set- tlement in order to extract greater payments from the sovereign. We then use the theory to analyze recent policy proposals aimed at ensuring equal repayment of creditor claims. Strikingly, we show that such  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rohan Pitchford; Mark L J Wright
OCLC Number: 1027332845
Notes: December 2010.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w16632.
Responsibility: Rohan Pitchford, Mark L. J. Wright.

Abstract:

Why is it difficult to restructure sovereign debt in a timely manner? In this paper we present a theory of the sovereign debt restructuring process in which delay arises as individual creditors hold-up a set- tlement in order to extract greater payments from the sovereign. We then use the theory to analyze recent policy proposals aimed at ensuring equal repayment of creditor claims. Strikingly, we show that such collective action policies may increase delay by encouraging free-riding on negotiation costs, even while preventing hold-up and reducing total negotiation costs. A calibrated version of the model can account for observed delays, and finds that free riding is quantitatively relevant: whereas in sim- ple low-cost debt restructuring operations collective mechanisms will reduce delay by more than 60%, in high-cost complicated restructurings the adoption of such mechanisms results in a doubling of delay.

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Primary Entity<\/h3>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Person\/pitchford_rohan<\/a>> # Rohan Pitchford<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Pitchford<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Rohan<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Rohan Pitchford<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Person\/wright_mark_l_j<\/a>> # Mark L. J. Wright<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Wright<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Mark L. J.<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Mark L. J. Wright<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Place\/cambridge_mass<\/a>> # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Cambridge, Mass.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Topic\/d78_positive_analysis_of_policy_making_and_implementation<\/a>> # D78 - Positive Analysis of Policy-Making and Implementation<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"D78 - Positive Analysis of Policy-Making and Implementation<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Topic\/debts_public<\/a>> # Debts, Public<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Debts, Public<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Topic\/f34_international_lending_and_debt_problems<\/a>> # F34 - International Lending and Debt Problems<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"F34 - International Lending and Debt Problems<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Topic\/k12_contract_law<\/a>> # K12 - Contract Law<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"K12 - Contract Law<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/766965686#Topic\/k33_international_law<\/a>> # K33 - International Law<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"K33 - International Law<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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Content-negotiable representations<\/p>\n