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A Delicate Equilibrium Debt Relief and Default Penalties in an International Context

Debt relief and penalties are discussed in connection with sovereign-country loans. We focus on conditions for the existence of penalties that are too low for ensuring Pareto efficiency, and show the possible time inconsistency of optimal debt contracts. A methodology for ascertaining debt relief im...

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Bibliographic Details
Corporate Author: International Monetary Fund
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1989
Series:IMF Working Papers
Subjects:
Debts, External
Industries: Financial Services
Sovereign Debt
Depository Institutions
Aggregate Factor Income Distribution
Banks And Banking
Banks
Income Inequality
Debt
Macroeconomics
Asset And Liability Management
Debt Default
Debt Management
Exports And Imports
Debt Relief
Personal Income
Income Distribution
Mortgages
Finance
Personal Income, Wealth, And Their Distributions
Micro Finance Institutions
International Economics
Income
National Accounts
Financial Risk Management
Financial Institutions
External Debt
Banking
Loans
International Lending And Debt Problems
Argentina
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:Debt relief and penalties are discussed in connection with sovereign-country loans. We focus on conditions for the existence of penalties that are too low for ensuring Pareto efficiency, and show the possible time inconsistency of optimal debt contracts. A methodology for ascertaining debt relief implicit in international loans is outlined
Physical Description:28 pages
ISBN:9781451926422

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