Hatchondo, Juan Carlos; Martinez, Leonardo; Sosa … - In: Journal of Monetary Economics 61 (2014) C, pp. 32-50
We show that some recent sovereign debt restructurings were characterized by (i) the absence of missed debt payments prior to the restructurings, (ii) reductions in the government's debt burden, and (iii) increases in the market value of debt claims for holders of the restructured debt. Since...