Debt maturity structure with pre-emptive creditors

Prasanna Gai, Hyun Song Shin

    Research output: Contribution to journalArticle

    Abstract

    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.
    Original languageEnglish
    Pages (from-to)195-200
    JournalEconomics Letters
    Volume85
    Issue number2004
    DOIs
    Publication statusPublished - 2004

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