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Eine Analyse polit-ökonomischer Probleme bei Staatsumschuldungen

  • Wolfgang Eggert EMAIL logo , Maximilian Stephan EMAIL logo and Handirk von Ungern-Sternberg EMAIL logo
Published/Copyright: August 1, 2016
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Abstract:

Argentine (2005) and Greek (2012) debt restructuring programs lead to economic problems during the event. Conflicts among the creditors as well as between creditors and debtor arise during a debt restructuring. The difficulties are characterized by asymmetric information, uncertainty during the restructuring, willingness-to-pay, run-for-the-exit and holdout investors. We argue a holdout is not a destructive investor behaviour but a rational investment decision. The financial aid leads to moral hazard. The debtor could provide information to the creditors in order to reduce the information asymmetry, but if the debtor nation is not willing to do so, the creditors have practically no chance of receiving information on its financial status.

JEL-Classification:: H60; H63; H30
Keywords:: Holdout
Schlagworte:: Staatsumschuldung

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Online erschienen: 2016-8-1
Erschienen im Druck: 2016-8-1

© 2016 Walter de Gruyter GmbH, Berlin/Boston

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