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Sovereign Debt and Debt Renegotiation

Student: Shirobokov Aleksandr

Supervisor: Udara Peiris

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Final Grade: 8

Year of Graduation: 2018

This paper develops a small open endowment economy to study sovereign default and subsequent debt renegotiation. Both, the default decision and the repayment rate that comes as a result of a bargaining procedure, are endogenous. The paper analyzes the two approaches to modeling debt renegotiation, generalized Nash Bargaining and Rubinstein Bargaining. It compares the allocations induced by the two bargaining procedures and shows that under some conditions these allocations are different.

Full text (added June 1, 2018)

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