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...
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: |
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