International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts they normally pay IFIs in full. This paper presents a model where a creditor, such as an IFI, that can commit to lend limited amounts at the risk-free rate and can refrain from lending into arrears is always repaid and adds value. The analysis suggests...
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INFORMATION
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2019/07/22
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Document de travail de recherche sur les politiques
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WPS8941
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1
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1
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2019/07/22
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Disclosed
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Preferred and Non-Preferred Creditors
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market lending
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