When sovereign debt trades at a discount on secondary markets, a market buyback increases the secondary market price. The wealth of private creditors increases because part of the funds used in the repurchase is a transfer payment to them. This transfer of resources can be mitigated by imposing a capital gains tax on the remaining debt. The authors show how this can be achieved by including exit and new money options in a menu of options from which...
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INFORMATION
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1990/10/31
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Document de travail de recherche sur les politiques
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WPS527
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1
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1
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2010/07/01
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Disclosed
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Voluntary choices in concerted deals : mechanics and attributes of the menu approach
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private creditor
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