Sovereign bailouts and senior loans (English)

Institutional lending in crisis is evaluated from a theoretical point of view. First, the share of senior loans in new loans is irrelevant under a given probability distribution of the country's resources. Second, seniority may partially alleviate the inefficiency of debt contracts when the distribution of resources is endogenous to the country's physical investment and effort towards success. Third, with multiple lending rate equilibria, institutional...

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Author

Chamley,Christophe P.;

Pinto,Brian R.;
Document Date
2012/08/01
Document Type
Policy Research Working Paper
Report Number
WPS6181
Volume No
1
Total Volume(s)
1
Country
World,
Region
Other,
Disclosure Date
2012/08/01
Disclosure Status
Disclosed
Doc Name
Sovereign bailouts and senior loans
Keywords
Poverty Reduction & Economic Management

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Citation

Chamley,Christophe P.; Pinto,Brian R..

Sovereign bailouts and senior loans (English). Policy Research working paper ; no. WPS 6181 Washington, DC: World Bank. http://documents.worldbank.org/curated/en/160401468157526123

Sovereign bailouts and senior loans (English)

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