走捷径:如何偿还和重组多重期限的主权债务

PSN: Debt (Topic) Pub Date : 2013-12-01 DOI:10.3386/W19717
Mark Aguiar, M. Amador
{"title":"走捷径:如何偿还和重组多重期限的主权债务","authors":"Mark Aguiar, M. Amador","doi":"10.3386/W19717","DOIUrl":null,"url":null,"abstract":"We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging process, retiring long-term bonds as they mature but never actively issuing or buying back these bonds. The only active margin is the short-term bond market, which involves partial roll over of such debt. Any active maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the deleveraging process. We also show that there exist a set of Pareto improving debt restructurings in which maturities are shortened; however, these cannot be implemented by trading in competitive secondary markets.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"119 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"57","resultStr":"{\"title\":\"Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities\",\"authors\":\"Mark Aguiar, M. Amador\",\"doi\":\"10.3386/W19717\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging process, retiring long-term bonds as they mature but never actively issuing or buying back these bonds. The only active margin is the short-term bond market, which involves partial roll over of such debt. Any active maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the deleveraging process. We also show that there exist a set of Pareto improving debt restructurings in which maturities are shortened; however, these cannot be implemented by trading in competitive secondary markets.\",\"PeriodicalId\":376458,\"journal\":{\"name\":\"PSN: Debt (Topic)\",\"volume\":\"119 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2013-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"57\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"PSN: Debt (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3386/W19717\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"PSN: Debt (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3386/W19717","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 57

摘要

我们讨论了在违约可能性很大的情况下主权国家是否以及如何减少其外债的问题,并特别关注主权国家是否应该回购或稀释现有的长期主权债券。我们的主要发现是,当减少债务是最优的,在去杠杆化过程中,主权国家应该在长期债券市场保持被动,在长期债券到期时退休,但永远不会主动发行或回购这些债券。唯一活跃的保证金是短期债券市场,这涉及到此类债务的部分展期。任何主动的期限管理(通常需要解决展期危机风险)都将推迟到去杠杆化过程结束时。我们还表明,存在一组帕累托改进债务重组,其中期限缩短;然而,这些不能通过在竞争激烈的二级市场交易来实现。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term bond market during the deleveraging process, retiring long-term bonds as they mature but never actively issuing or buying back these bonds. The only active margin is the short-term bond market, which involves partial roll over of such debt. Any active maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the deleveraging process. We also show that there exist a set of Pareto improving debt restructurings in which maturities are shortened; however, these cannot be implemented by trading in competitive secondary markets.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信