RECOVERY BEFORE REDEMPTION: A THEORY OF DELAYS IN SOVEREIGN DEBT RENEGOTIATIONS

@inproceedings{Benjamin2009RECOVERYBR,
  title={RECOVERY BEFORE REDEMPTION: A THEORY OF DELAYS IN SOVEREIGN DEBT RENEGOTIATIONS},
  author={David Benjamin and Mark Lester Jason Wright},
  year={2009}
}
Negotiations to restructure sovereign debts are protracted, taking on average almost 8 years to complete. In this paper we construct a new database (the most extensive of its kind covering ninety recent sovereign defaults) and use it to document that these negotiations are also ineffective in both repaying creditors and reducing the debt burden countries face. Specifically, we find that creditor losses average roughly 40 per-cent, and that the average debtor exits default more highly indebted… CONTINUE READING

Citations

Publications citing this paper.
SHOWING 1-10 OF 110 CITATIONS

Debt, recovery rates and the Greek dilemma

VIEW 11 EXCERPTS
CITES METHODS, BACKGROUND & RESULTS
HIGHLY INFLUENCED

Effi cient Sovereign Default

VIEW 8 EXCERPTS
CITES BACKGROUND
HIGHLY INFLUENCED

Recent developments in quantitative models of sovereign default

VIEW 8 EXCERPTS
CITES BACKGROUND & METHODS
HIGHLY INFLUENCED

Debt Dilution and Sovereign Default Risk

VIEW 7 EXCERPTS
CITES METHODS & BACKGROUND
HIGHLY INFLUENCED

The cost of default: growth and o¢ cial vs. private restructurings

VIEW 5 EXCERPTS
CITES RESULTS, BACKGROUND & METHODS
HIGHLY INFLUENCED

FILTER CITATIONS BY YEAR

2008
2019

CITATION STATISTICS

  • 23 Highly Influenced Citations

  • Averaged 9 Citations per year over the last 3 years

Similar Papers

Loading similar papers…