Co-ordination failure, moral hazard and sovereign bankruptcy procedures

Detalhes bibliográficos
Autor(a) principal: Miller, M. H.
Data de Publicação: 2002
Outros Autores: Ghosal, Sayantan
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12960
Resumo: We study a model of sovereign debt crisis that combines problems of creditor coordination and debtor moral hazard. Solving the sovereign debtor's incentives leads to excessive 'rollover failure' by creditors when sovereign default occurs. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures and relate this to the current debate on revising international financial architecture. Paper prepared for Bank of England Conference on 'The Role of the Official and Private Sectors in Resolving International Financial Crises', London, and for the Latin American Meeting of the Econometric Society, Sao Paolo, Brazil. (Preliminary draft circulated for comments, please do not cite without reference to the authors).
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spelling Miller, M. H.Ghosal, SayantanEscolas::EPGEFGV2014-12-22T13:37:36Z2014-12-22T13:37:36Z2002-09-02http://hdl.handle.net/10438/12960We study a model of sovereign debt crisis that combines problems of creditor coordination and debtor moral hazard. Solving the sovereign debtor's incentives leads to excessive 'rollover failure' by creditors when sovereign default occurs. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures and relate this to the current debate on revising international financial architecture. Paper prepared for Bank of England Conference on 'The Role of the Official and Private Sectors in Resolving International Financial Crises', London, and for the Latin American Meeting of the Econometric Society, Sao Paolo, Brazil. (Preliminary draft circulated for comments, please do not cite without reference to the authors).engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaSeminários de Almoço da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. 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dc.title.eng.fl_str_mv Co-ordination failure, moral hazard and sovereign bankruptcy procedures
title Co-ordination failure, moral hazard and sovereign bankruptcy procedures
spellingShingle Co-ordination failure, moral hazard and sovereign bankruptcy procedures
Miller, M. H.
Economia
Crise econômica
Dívida externa
Finanças internacionais
title_short Co-ordination failure, moral hazard and sovereign bankruptcy procedures
title_full Co-ordination failure, moral hazard and sovereign bankruptcy procedures
title_fullStr Co-ordination failure, moral hazard and sovereign bankruptcy procedures
title_full_unstemmed Co-ordination failure, moral hazard and sovereign bankruptcy procedures
title_sort Co-ordination failure, moral hazard and sovereign bankruptcy procedures
author Miller, M. H.
author_facet Miller, M. H.
Ghosal, Sayantan
author_role author
author2 Ghosal, Sayantan
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Miller, M. H.
Ghosal, Sayantan
dc.subject.area.por.fl_str_mv Economia
topic Economia
Crise econômica
Dívida externa
Finanças internacionais
dc.subject.bibliodata.por.fl_str_mv Crise econômica
Dívida externa
Finanças internacionais
description We study a model of sovereign debt crisis that combines problems of creditor coordination and debtor moral hazard. Solving the sovereign debtor's incentives leads to excessive 'rollover failure' by creditors when sovereign default occurs. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures and relate this to the current debate on revising international financial architecture. Paper prepared for Bank of England Conference on 'The Role of the Official and Private Sectors in Resolving International Financial Crises', London, and for the Latin American Meeting of the Econometric Society, Sao Paolo, Brazil. (Preliminary draft circulated for comments, please do not cite without reference to the authors).
publishDate 2002
dc.date.issued.fl_str_mv 2002-09-02
dc.date.accessioned.fl_str_mv 2014-12-22T13:37:36Z
dc.date.available.fl_str_mv 2014-12-22T13:37:36Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12960
url http://hdl.handle.net/10438/12960
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de Almoço da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
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