How Long to Read Debt Seniority and Sovereign Debt Crises

How Long Does it Take to Read Debt Seniority and Sovereign Debt Crises?

It takes the average reader and 43 minutes to read Debt Seniority and Sovereign Debt Crises by Mr.Anil Ari

Assuming a reading speed of 250 words per minute. Learn more

Description

Is the seniority structure of sovereign debt neutral for a government's decision between defaulting and raising surpluses? In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders. We show that when the size of senior tranches is small, a version of the Modigliani-Miller theorem holds: tranching just redistributes government revenues from junior to senior bondholders, while taxes and government borrowing costs remain unchanged. However, as senior tranches become sufficiently large, default costs on senior debt transpire into a stronger commitment to repay not only the senior tranche, but also the junior one. We show that there is a lower threshold for senior bonds above which tranching can eliminate default on both junior and senior debt, and an upper threshold beyond which the government defaults also on senior debt.

How long is Debt Seniority and Sovereign Debt Crises?

Debt Seniority and Sovereign Debt Crises by Mr.Anil Ari is 43 pages long, and a total of 10,879 words.

This makes it 15% the length of the average book. It also has 13% more words than the average book.

How Long Does it Take to Read Debt Seniority and Sovereign Debt Crises Aloud?

The average oral reading speed is 183 words per minute. This means it takes and 59 minutes to read Debt Seniority and Sovereign Debt Crises aloud.

What Reading Level is Debt Seniority and Sovereign Debt Crises?

Debt Seniority and Sovereign Debt Crises is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Debt Seniority and Sovereign Debt Crises?

Debt Seniority and Sovereign Debt Crises by Mr.Anil Ari is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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