Experience from events of sovereign debt restructuring over the last decade exemplifies that the prevailing process is mainly shaped by exchange-offer launched by the debtor. This suggests that negotiations for changing the repayment terms of the debt take place in an Ultimatum Game which...

The latest Argentinean debt restructuring was the first time the resolution of a modem financial crisis was completely handed over to the private financial markets without official intervention by public institutions. We argue that the resulting harshest haircut for private creditors in history...

This work is comprised of three essays that attempt to contribute to the task of reviewing the prevailing (solely market-based) contractual approach for sovereign debt restructuring. These essays particularly focus on aspects of intra-creditor coordination. Although the content of these essays...