Replication data for: A Seniority Arrangement for Sovereign Debt
Principal Investigator(s): View help for Principal Investigator(s) Satyajit Chatterjee; Burcu Eyigungor
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| AER_2013_0932R1_Replication | 10/12/2019 12:55:AM | ||
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text/plain | 14.6 KB | 10/11/2019 08:55:PM |
Project Citation:
Chatterjee, Satyajit, and Eyigungor, Burcu. Replication data for: A Seniority Arrangement for Sovereign Debt. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112934V1
Project Description
Summary:
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A sovereign's inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution). One mechanism to mitigate this problem is the inclusion of a seniority clause in debt contracts. In the event of default, creditors are to be paid off in the order in which they lent (the "absolute priority" or "first-in-time" rule). In this paper, we propose a modification of the absolute priority rule suited to sovereign debts contracts and analyze its positive and normative implications within a quantitatively realistic model of sovereign debt and default. (JEL E32, E44, F34, G15, H63, O16, O19)
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F34 International Lending and Debt Problems
G15 International Financial Markets
H63 National Debt; Debt Management; Sovereign Debt
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O19 International Linkages to Development; Role of International Organizations
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F34 International Lending and Debt Problems
G15 International Financial Markets
H63 National Debt; Debt Management; Sovereign Debt
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O19 International Linkages to Development; Role of International Organizations
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