Repurchase and condonation of external debt in a voluntary repudiation model
Debt reduction is usually analyzed in models where default is involuntary and the gains from debt reduction derive from various disincentives linked to a large debt overhang. This paper uses a model in which default is voluntary and shows that debt reduction can be beneficial even in absence of thos...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 1991 |
| País: | México |
| Institución: | EL COLEGIO DE MÉXICO |
| Repositorio: | Estudios Económicos de El Colegio de México |
| Idioma: | español |
| OAI Identifier: | oai:oai.estudioseconomicos.colmex.mx:article/316 |
| Acceso en línea: | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/316 |
| Access Level: | acceso abierto |
| Palabra clave: | debt reduction voluntary default model deuda externa modelo de incumplimiento voluntario |
| Sumario: | Debt reduction is usually analyzed in models where default is involuntary and the gains from debt reduction derive from various disincentives linked to a large debt overhang. This paper uses a model in which default is voluntary and shows that debt reduction can be beneficial even in absence of those disincentives, by inducing debtors to renounce or postpone repudiation. |
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