To solve the puzzle of attitudes toward debt buybacks, the authors use a model that combines considerations of debt overhang with the possibility of asymmetrical information between debtor countries and their creditors. In this environment, a debt overhang may create disincentives for a country to undertake a worthwile investment, and debt relief may induce the country to invest and to increase its output, raising future debt repayments. The authors...
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INFORMATION
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1989/12/31
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Document de travail de recherche sur les politiques
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WPS318
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1
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1
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2010/07/01
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Sovereign debt buybacks as a signal of creditworthiness
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natural log
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