Series: IMF Working Papers
Author(s): Jeronimo Zettelmeyer , Marcos Chamon , and Ran Bi
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 November 2011
Keywords: exit consents, creditor coordination, bond, bonds, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Aspects of International Trade and Finance: Other, International Law,
Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpr...