Sovereign Cocos /
We study a model of equilibrium sovereign default in which the government issues cocos (contingent convertible bonds) that stipulate a suspension of debt payments when the government faces liquidity shocks in the form of an increase of the bondholders' risk aversion. We find that in spite of re...
| Main Author: | Hatchondo, Juan Carlos |
|---|---|
| Other Authors: | Martinez, Leonardo, Onder, Kursat, Roch, Francisco |
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2022.
|
| Series: | IMF Working Papers; Working Paper ;
No. 2022/078 |
| Subjects: | |
| Online Access: | Full text available on IMF |
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