Sensible debt buybacks for highly indebted countries

Previous studies indicate that debt buybacks at market prices benefit lenders the most because the lack of a seniority structure in sovereign lending distorts secondary market prices upward. The author examines whether welfare-improving buybacks would arise at the " fair " price. If so, po...

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Bibliographic Details
Main Author: Detragiache, Enrica
Corporate Author: Banco Mundial
Format: Book
Published: Washington, D.C. World Bank March 1991
Series:Working paper series n. 621
Subjects: