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