Structuring and Restructuring Sovereign Debt: The Role of Seniority1
分析主权借贷中的偿付意愿问题和排他性缺失如何导致债务结构难以重组，并探讨破产制度在强制执行优先级条款中的作用。
We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending may result in an equilibrium sovereign debt structure that is excessively difficult to restructure. A bankruptcy regime for sovereigns can alleviate this inefficiency but only if it is endowed with far-reaching powers to enforce seniority and subordination clauses in debt contracts. A bankruptcy regime that makes sovereign debt easier to restructure without enforcing seniority may decrease welfare. Copyright Copyright © 2009 The Review of Economic Studies Limited.