Browsing FGV EPGE - Escola Brasileira de Economia e Finanças by Title "Co-ordination failure, moral hazard and sovereign bankruptcy procedures"

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Co-ordination failure, moral hazard and sovereign bankruptcy procedures

Miller, M. H.; Ghosal, Sayantan
2002-09-02

We study a model of sovereign debt crisis that combines problems of creditor coordination and debtor moral hazard. Solving the sovereign debtor's incentives leads to excessive 'rollover failure' by creditors when sovereign ...