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Debt Maturity and the International Financial Architecture, Olivier Jeanne

Abstract
This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which the need to roll over external debt disciplines the policies of debtor countries but makes them vulnerable to unwarranted debt crises owing to bad shocks. The paper presents a welfare analysis of several measures that have been discussed in recent debates, such as the adoption of renegotiation-friendly clauses in debt contracts and the establishment of an international bankruptcy regime for sovereigns
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. A MODEL OF EXTERNAL DEBT ROLLOVER CRISES""; ""A. Assumptions""; ""B. Optimal Crises""; ""C. World Equilibrium""; ""D. Implementation""; ""E. Discussion""; ""III. ORDERLY DEBT WORKOUTS""; ""A. Contractual Approach""; ""B. The Statutory Approach""; ""IV. CONCLUDING COMMENTS""; ""APPENDIX I. PROOF OF PROPOSITION 3""; ""APPENDIX II. PROOF OF PROPOSITION 7""; ""REFERENCES""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (34 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9780145275426

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