Holdout litigation and sovereign debt enforcement

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dc.contributor.author Gai, Prasanna en
dc.contributor.author Anand, K en
dc.coverage.spatial Hong Kong en
dc.date.accessioned 2018-10-03T03:22:26Z en
dc.date.issued 2017-06-07 en
dc.identifier.uri http://hdl.handle.net/2292/38515 en
dc.description.abstract We present a model that characterises the ex ante and ex post implications of holdout litigation, and which highlights the importance of debt ownership and jurisdictional competition in determining the efficacy of the legal threat to sovereign debt enforcement. Our optimal contracting framework allows a role for secondary markets to mitigate liquidity risk and a role for bankruptcy courts to adjudicate disputes. We endogenise the extent to which the bankruptcy regime is based on judge-made law and identify conditions under which the disciplining effect of holdout creditors prevails. Our model contributes to the policy debate on sovereign debt restructuring by formalising some of the insights in Bolton and Skeel's (2004) proposal for a sovereign bankruptcy framework. en
dc.relation.ispartof Financial Intermediation Research Society (FIRS) Annual Conference en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.title Holdout litigation and sovereign debt enforcement en
dc.type Conference Item en
dc.rights.holder Copyright: The author en
pubs.author-url https://firsocietyblog.files.wordpress.com/2017/08/firs2017.pdf en
pubs.finish-date 2017-08-07 en
pubs.start-date 2017-06-05 en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.elements-id 653284 en
pubs.org-id Business and Economics en
pubs.org-id Economics en
pubs.record-created-at-source-date 2017-08-25 en

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