Reschedulings are a device that creditors can use to structure the incentives faced by borrowers such that repudiation is never a rational option. This paper develops a numerical method for valueing the option to reschedule. We are able to reproduce several stylized characteristics of international credit markets. The framework identifies the point at which voluntary lending is cut off. It shows that lenders are willing to lend greater amounts if...
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INFORMATION
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1985/04/30
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Document de travail départemental
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CPD8559
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1
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1
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2017/11/15
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Disclosed
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A valuation model for LDC debt with endogenous rescheduling
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