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Debt, recovery rates and the Greek dilemma

Abstract:

Most discussions of the Greek debt overhang have focussed on the implications for Greece. We show that when additional funds released to the debtor (Greece), via debt restructuring, are used efficiently in pursuit of a practicable business plan, then both debtor and creditor can benefit. We examine a dynamic two country model calibrated to Greek and German economies and support two-steady states, one with endogenous default and one without, depending on creditors’ expectations. In the default...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.jfs.2018.03.007

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Institution:
University of Oxford
Oxford college:
St Edmund Hall
Role:
Author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Financial Stability Journal website
Volume:
36
Pages:
265-278
Publication date:
2018-03-19
Acceptance date:
2017-04-21
DOI:
ISSN:
1572-3089
Source identifiers:
701312
Keywords:
Pubs id:
pubs:701312
UUID:
uuid:647c53ea-107c-40fc-a5f9-34d98403da55
Local pid:
pubs:701312
Deposit date:
2017-06-19

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