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The Valuation of Corporate Debt With Default Risk [PDF]
SSRN Electronic Journal, 2007 This article values equity and corporate debt by taking into account the fact that in practice the default point differs from the liquidation point and that it might be in the creditors' interest to delay liquidation. The article develops a continuous time asset pricing model of debt restructuring which explicitly considers the inalienability of human ...
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Optimal External Debt and Default [PDF]
, 2007 This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation and without commitment to repay debt. Taking first order approximations of Bellman equations, I derive analytical expressions for the equilibrium level of debt
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Debts, Defaulters and Development
International Affairs, 1967IFTY or a hundred years ago, the problem of default on foreign debt was a recurrent and familiar one. In the century before the First World War, much time and thought was given in the creditor countries to the evolution of policies, theories, legal concepts. and forms of international organisation for dealing with it. By contrast, the two decades since
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Default Risk, Inside Debt and Debt Incentives
SSRN Electronic Journal, 2016We study the relation between firms' default risk and CEOs' debt incentives. Traditional principal-agent theory suggests that agency costs of debt are primary determinants of the relation. Specifically, firms with higher default risk are likely to face higher agency costs of debt and hence should provide higher debt incentives.
Xi Dong +2 more
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Debt, Defaults and Dogma: Politics and the Dynamics of Sovereign Debt Markets
SSRN Electronic Journal, 2018Using data from 40 nations, we obtain new stylized facts regarding the impact of political leanings of the ruling government on sovereign debt yields and fiscal policy. Left-wing governments' yields are 166 basis points higher and 23% more volatile than yields of right-wing governments. Moreover, left-wing governments face more counter-cyclical yields.
Cotoc, Johnny +2 more
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2017
Sovereign borrowing and debt default have long been a part of a nation’s existence. Sovereign debt defaults (that is, the suspension of interest or principal payment on due debt) were common from the sixteenth century, when Edward III declared a default after military defeat in 1340, to the nineteenth century, when Latin American countries defaulted on
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Sovereign borrowing and debt default have long been a part of a nation’s existence. Sovereign debt defaults (that is, the suspension of interest or principal payment on due debt) were common from the sixteenth century, when Edward III declared a default after military defeat in 1340, to the nineteenth century, when Latin American countries defaulted on
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2000
The economic analysis of public debt mainly describes a world where governments honour their obligations and are expected to do so. But there is also a darker history. What if governments repudiate or demand rescheduling which is tantamount to repudiation?
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The economic analysis of public debt mainly describes a world where governments honour their obligations and are expected to do so. But there is also a darker history. What if governments repudiate or demand rescheduling which is tantamount to repudiation?
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Sovereign Default and State-Contingent Debt
2013The Latin American debt crises in the 1980s and the Asian crisis in the late 1990s both provided impetus for reforming the framework for restructuring sovereign debt. In the late 1980s, the Brady plan established the importance of substantive debt relief in addressing some crises.
Brooke, Martin +3 more
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2010
A temporary decline in political risks after the presidential election, the liberalization of the domestic financial market in 1996–97, and the stabilization of debt dynamics did not change the tendency for the budget’s debt expenditures to increase. Fiscal measures that may have averted the debt default were not implemented.
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A temporary decline in political risks after the presidential election, the liberalization of the domestic financial market in 1996–97, and the stabilization of debt dynamics did not change the tendency for the budget’s debt expenditures to increase. Fiscal measures that may have averted the debt default were not implemented.
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Reducing Debt Short of Default
2019If debt is too high, what policies are available to governments to reduce these debt obligations? This chapter goes through all options, short of default. It begins by introducing the standard debt accumulation equation, noting the key terms, such as the growth–interest rate differential; and their relation to policies.
Tom Best +3 more
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