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Debt maturity structure with pre-emptive creditors

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.

CollectionsANU Research Publications
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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