type="main" xml:id="ecca12099-abs-0001" xml:lang="en" <p>Are multiple-lender loans rescheduled more or less often than single-lender loans? Do multiple lenders react efficiently to new information? Our analysis emphasizes the role of the precision of information: lenders trade off benefits from...</p>

Empirical studies indicate that official reserves increase the creditworthiness of highly indebted countries. This evidence cannot be explained by existing bargaining models of sovereign debt because sovereign immunity shelters official reserves from creditors' seizure. In the model proposed...