seniority in a quantitatively realistic, infinite horizon model of sovereign debt and default and examine, both theoretically …An important source of inefficiency in long-term debt contracts is the debt dilution problem, wherein a borrower … ignores the adverse impact of new borrowing on the market value of outstanding debt and, therefore, borrows too much and …

An assignment of a debt transfers the rights in the debt from the creditor (assignor) to a third party (assignee). The … assignee becomes the creditor of the (assigned) debt. In Bennett v White [1910] 2 KB 643 at 646-647 the court explained that an … assigned debt is for all purposes in the same position as if it had been the original debt of the assignee.There is a dearth of …

be counted as debt. Ignored in practice, this statutory requirement makes no economic sense, but remains a trap awaiting … absurd results, it may also create perverse incentives to choose higher-yield debt over lower-yield debt …

lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be … alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring …

new debt on the value of existing debt and, consequently, borrow too much and default too frequently. A widely proposed …An important ineffciency in sovereign debt markets is debt dilution, wherein sovereigns ignore the adverse impact of … remedy is the inclusion of seniority clause in sovereign debt contracts: Creditors who lent first have priority in any …

This article systematically examines sovereign debt restructuring in light of bankruptcy reorganization law principles …

This article explores the challenges posed by the rising US national debt and government budget deficits. Using a … combination of literature review and statistical analysis, the article examines the factors contributing to the national debt and … between debt-to-GDP ratio and government spending, tax policies, and economic growth rates, as well as the relationship …

lenders may result in a sovereign debt that is excessively difficult to restructure in equilibrium. This inefficiency may be … alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring …