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UID:0e3546598f5d7fe82988cac4956d4756
CATEGORIES:Seminars
CREATED:20161213T175842
SUMMARY:Lunch Seminar: Raquel Fernandez - New York University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Long and the Short of It: Sovereign Debt Crises and Debt Maturity\nAbst
 ract:\nWe present a simple model of sovereign debt crises in which a countr
 y chooses its optimal mix of short and long-term debt contracts subject to 
 standard contracting frictions: the country cannot commit to repay its debt
 s nor to a specific path of future debt issues, and contracts cannot be mad
 e state contingent nor renegotiated. We show that, in order to satisfy ince
 ntive compatibility, the country must issue short- term debt, which exposes
  it to roll-over crises and inefficient repayments. We examine two policies
  restructuring and reprofiling and show that both improve ex ante welfare i
 f structured correctly. Key to the welfare results is the country’s ability
  to choose its debt structure so as to neutralize any negative effect resul
 ting from the redistribution of payments across creditors in times of crise
 s.\n
DTSTAMP:20260404T050336Z
DTSTART:20150702T130000Z
DTEND:20150702T140000Z
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TRANSP:OPAQUE
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