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Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment

Rohan Pitchford and Mark L. J. Wright.

in The Review of Economic Studies

April 2012; p ublished online November 2011 .

Journal Article. Subjects: Contract Law; International Law; Production and Organizations; International Finance; Analysis of Collective Decision-making. 13392 words.

Why is it difficult to restructure sovereign debt in a timely manner? In this paper, we present a theory of the sovereign debt-restructuring process in which delay arises as individual...

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