Journal article
Mark L. J. Wright
2010
2010
Semantic Scholar
DOI
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APA
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Wright, M. L. J. (2010). Restructuring Sovereign Debts with Private Sector Creditors: Theory and Practice.
Chicago/Turabian
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Wright, Mark L. J. “Restructuring Sovereign Debts with Private Sector Creditors: Theory and Practice” (2010).
MLA
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Wright, Mark L. J. Restructuring Sovereign Debts with Private Sector Creditors: Theory and Practice. 2010.
BibTeX Click to copy
@article{mark2010a,
title = {Restructuring Sovereign Debts with Private Sector Creditors: Theory and Practice},
year = {2010},
author = {Wright, Mark L. J.}
}
Abstract
This paper presents new empirical results on the dierences in sovereign debt restructuring outcomes across debtor countries in dierent regions, and at dierent levels of development. Focusing exclu- sively on debts owed to private creditors, it …nds that both the amount of time taken to complete a restructuring and the size of creditor losses are larger for low income countries, and in particular for Sub Saharan Africa. In addition, these same countries also exit default substantially more indebted than when they entered default. The paper then reviews recent theoretical research on the process of sovereign debt restructuring. It argues that while recent theory is capable of explaining the magnitude of delays observed in the data, it has less to say about which aspects of the the debt restructuring process lead to large increases in indebtedness for low income countries.