Structuring and Restructuring Sovereign Debt: The Role of Seniority
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https://www.nber.org/papers/w11071
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In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is
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美国国家经济研究局创建时间：
2005-01-01
