Informal creditors and sovereign debt restructuring

被引：0
|
作者：
Ghosal, Sayantan [1 ]
Thomas, Dania [1 ]
机构：
[1] Univ Glasgow, Glasgow City, Scotland
来源：
INDIAN ECONOMIC REVIEW | 2023年 / 58卷 / SUPPL 1期
关键词：
Debt; Restructuring; Default; Welfare; Ex ante; Interim; Elite; Non-elite; Payoffs; Non-contractible; F34; D72;
D O I：
10.1007/s41775-023-00158-z
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A conventional view of sovereign debt restructuring suggests that costly sovereign debt restructuring is required to lower the interest rate charged on it. In the presence of a negative external shock, under certain conditions, we show that (a) debt restructuring leads to interim social welfare gains and ex ante efficiency gains, (b) participation by citizens will lead to efficient debt restructuring. Using our results, we discuss provide a normative case for the proposed UNCTAD Roadmap.
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页码：211 / 226
页数：16
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