Debt maturity structure with pre-emptive creditors
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Gai, Prasanna; Shin, Hyun Song
Description
Critics of international solvency regimes argue that such regimes heighten financial fragility because creditors pre-empt each other by lending at ever shorter maturities in a 'rush for the exits'. We model such behaviour explicitly in order to examine the effects of workouts on the maturity profile of debt.
Collections | ANU Research Publications |
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Date published: | 2004 |
Type: | Journal article |
URI: | http://hdl.handle.net/1885/87224 |
Source: | Economics Letters |
DOI: | 10.1016/j.econlet.2004.03.031 |
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