25.07.2014 Views

Delay and Haircuts in Sovereign Debt - University of St Andrews

Delay and Haircuts in Sovereign Debt - University of St Andrews

Delay and Haircuts in Sovereign Debt - University of St Andrews

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

[22] A. Merlo, C. Wilson, A <strong>St</strong>ochastic Model <strong>of</strong> Sequential Barga<strong>in</strong><strong>in</strong>g with<br />

Complete Information, Econometrica, 63 (1995), issue 2, 371-399.<br />

[23] A. Merlo, C. Wilson, E¢ cient delays <strong>in</strong> a stochastic model <strong>of</strong> barga<strong>in</strong><strong>in</strong>g,<br />

Economic Theory , 11 (1998), 39-55.<br />

[24] R. Pitchford, M. Wright, Restructur<strong>in</strong>g the <strong>Sovereign</strong> <strong>Debt</strong> Restructur<strong>in</strong>g<br />

Mechanism, Research Department <strong>St</strong>a¤ Report, Federal Reserve<br />

Bank <strong>of</strong> M<strong>in</strong>neapolis, 2007.<br />

[25] C.M. Re<strong>in</strong>hart, K.S. Rogo¤, This Time is Di¤erent: Eight Centuries <strong>of</strong><br />

F<strong>in</strong>ancial Folly, Pr<strong>in</strong>ceton <strong>University</strong> Press, 2009.<br />

[26] N. Roub<strong>in</strong>i, B. Setser, Bailouts or Bail-<strong>in</strong>s? Respond<strong>in</strong>g to F<strong>in</strong>ancial<br />

Crises <strong>in</strong> Emerg<strong>in</strong>g Economies, IIE, Wash<strong>in</strong>gton DC, 2004.<br />

[27] R.J. Shiller, The New F<strong>in</strong>ancial Order: Risk <strong>in</strong> the 21st Century,<br />

Pr<strong>in</strong>ceton <strong>University</strong> Press, Pr<strong>in</strong>ceton, 2003.<br />

[28] A.M. Spence, Market Signall<strong>in</strong>g, Harvard <strong>University</strong> Press, 1974.<br />

[29] F. <strong>St</strong>urzenegger, Default Episodes <strong>in</strong> the 90s: Factbook <strong>and</strong> Prelim<strong>in</strong>ary<br />

Lessons, Bus<strong>in</strong>ess School Work<strong>in</strong>g Papers, Universidad Torcuato Di<br />

Tella, 2002.<br />

[30] F. <strong>St</strong>urzenegger, J. Zettlemeyer, <strong>Haircuts</strong>: Estimat<strong>in</strong>g Investor Losses<br />

<strong>in</strong> <strong>Sovereign</strong> <strong>Debt</strong> Restructur<strong>in</strong>gs, 1998-2005, IMF Work<strong>in</strong>g Paper,<br />

05:137, 2005.<br />

[31] F. <strong>St</strong>urzenegger, J. Zettlemeyer, <strong>Debt</strong> Defaults <strong>and</strong> Lessons from a<br />

Decade <strong>of</strong> Crises, MIT Press, 2007.<br />

[32] F. We<strong>in</strong>schelbaum, J. Wynne, Renegotiation, collective action clauses<br />

<strong>and</strong> sovereign debt markets, Journal <strong>of</strong> International Economics, 67<br />

(2005), issue 1, 47-72.<br />

[33] World Bank, Global Development F<strong>in</strong>ance, World Bank, Wash<strong>in</strong>gton<br />

DC, 1993.<br />

Appendix A<br />

Pro<strong>of</strong> <strong>of</strong> Proposition 1<br />

27

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!