Waiting for a haircut? A bargaining perspective on sovereign debt restructuring
研究了主权债务谈判中常见的多期延迟现象，构建了一个不完全信息讨价还价模型，将经济复苏和可持续性考虑作为延迟的补充原因，并讨论了相关证据和政策含义。
Recent investigation of sovereign debt negotiations finds that serious debt restructuring typically involves multi-period delay. We develop an incomplete information bargaining model to account for this, highlighting economic recovery and sustainability considerations as complementary reasons for delay. Evidence relating to settlements, along with the policy implications of our analysis, are discussed.