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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2012/08/01
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Documento de trabalho sobre pesquisa de políticas
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WPS6181
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1
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1
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2012/08/01
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Disclosed
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Sovereign bailouts and senior loans
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Poverty Reduction & Economic Management
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