Sovereign Debt Repurchases: No Cure for Overhang
收藏NBER1989-02-01 更新2025-01-04 收录
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https://www.nber.org/papers/w2850
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We show, in a reasonably general model, that if a highly indebted country has good investment projects available to it, then it will not benefit from using any of its resources to buy back debt at market prices. Debt buybacks and debt-equity swaps only make sense for the country if these programs
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美国国家经济研究局创建时间：
1989-02-01
