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2016年7月14日(木) 16:20~17:50 IPP研究会

日 時 :2016年7月14日(木) 16:20-17:50
場 所 :大阪大学 大学院国際公共政策研究科棟 6階会議室
報告者 :阿曽沼 多聞 氏 (International Monetary Fund, Economist)
テーマ :Sovereign Debt Restructurings: Delays in Renegotiations with Risk Averse Creditors (joint with Hyungseok Joo)

アブストラクト: Foreign creditors'business cycles influence both the process and outcome of sovereign debt restructurings. We compile two new datasets on creditor committees and on creditors'business cycles during debt restructurings and find that when creditors experience high GDP growth, restructurings are protracted and settled with smaller haircuts. To explain these stylized facts, we develop a theoretical model of sovereign debt that embeds multi-round negotiations between a risk-averse debtor and a risk-averse creditor. The quantitative analysis shows that high creditor income results in both longer delays in restructurings and smaller haircuts. Our theoretical findings are also confirmed through an empirical analysis.

言 語 :英語
主 催 :IPP研究会、「人材配置の経済学」研究会
お問い合わせ:瀧井研究室 602sec*osipp.osaka-u.ac.jp
    (*には@をお入れください。)
(2016/06/15)


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