International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts they normally pay IFIs in full. This paper presents a model where a creditor, such as an IFI, that can commit to lend limited amounts at the risk-free rate and can refrain from lending into arrears is always repaid and adds value. The analysis suggests...
Подробнее
ПОДРОБНАЯ ИНФОРМАЦИЯ
-
2019/07/22
-
Рабочий документ в рамках исследования вопросов политики
-
WPS8941
-
1
-
1
-
2019/07/22
-
Disclosed
-
Preferred and Non-Preferred Creditors
-
market lending
ФАЙЛЫ ДЛЯ СКАЧИВАНИЯ
ПОЛНЫЙ ОТЧЕТ
Официальная версия документа (может содержать подписи, и т.д.)