Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/39906
Authors: 
Trebesch, Christoph
Year of Publication: 
2008
Series/Report no.: 
Proceedings of the German Development Economics Conference, Zürich 2008 44
Abstract: 
Disorderly debt restructurings can be detrimental for debtor countries and creditors alike. This paper investigates delays in sovereign debt restructurings using a comprehensive new dataset since 1980. Why are some debt crises settled in just a few months, while others take many years? Have creditor coordination problems become more cumbersome in recent years? To answer these and other questions, the study provides ample case study evidence. Moreover, I apply semi-parametric duration models. The results indicate that holdouts, inter-creditor disputes and litigation explain some of the observed restructuring delays. However, government behaviour and political instability appear far more important in explaining lengthy restructurings. The volume of IMF credits has no systematic influence on the speed of crisis resolution.
Subjects: 
Debt Crises
Debt Restructuring
Duration Models
JEL: 
F34
F51
C41
Document Type: 
Conference Paper

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