The role of creditor seniority in Europe's sovereign debt crisis
研究发现，欧洲主权债务危机期间，享有优先债权人地位（如IMF、ECB等）的贷款份额大幅增加，且与危机国利率密切相关。政策制定者面临两难：提供更多优先贷款可能适得其反，将私人市场推向次级地位。
The share of public debt that is held by lenders with preferred creditor status (i.e. the IMF, ECB, ESM, etc.) has increased substantially during Europe's sovereign debt crisis. Empirically, we document in both macro and survey data that there exists a close relationship between the increase in senior tranche lending and the interest rates of countries in crisis. With regard to policy implications, we point out a predicament that policymakers are facing: while aiming to stabilize interest rates at a reasonable level, providing further senior loans might achieve just the opposite, as private markets are gradually pushed into a junior position.— Sven Steinkamp and Frank Westermann