WESTPHALEN, Michael - Swiss Finance Institute - 2002
stylized fact that, using the same parameters,corporate debt is less risky than sovereign debt since the threat of liquidation ….Hoesli@hec.unige.ch
VALUATION OF SOVEREIGN DEBT WITH STRATEGIC
DEFAULTING AND RESCHEDULING
Michael WESTPHALEN
February 2002
Valuation … of Sovereign Debt with Strategic
Defaulting and Rescheduling
∗
Michael Westphalen
´
Ecole des HEC, University of Lausanne …