Международный институт экономики и финансов

Научный семинар МИЭФ и ЛФЭ, Димитриос Цомокос (University of Oxford)

В четверг, 11 февраля в 12.00 в ауд. 3211 (ул. Шаболовка 26, корпус 3) прошел научный семинар МИЭФ и ЛФЭ.
Докладчик: Димитриос Цомокос (University of Oxford)
Тема доклада: "Debt, Recovery Rates and the Greek Dilemma"

Тезисы доклада: We examine the dilemma facing holders of Greek debt on whether to commence new renegotiations or accept the possibility of future default on the current deal. The debate has hitherto been focused on the effect of renegotiations on Greek to fulfill its obligations but has ignored the implications to creditor nations. Here we examine a dynamic 2 country model calibrated to the Greek and German (as its creditor) economy and shows that restructuring Greek debt may be beneficial for both creditors and debtors. We find the forgiving debt in arrears lowers the volatility of German consumption and dampers fluctuations following shocks while demanding higher recovery rates has the opposite effect. Finally our model provides an endogenous debt-to-assets ratio and an endogenous structure of liabilities.

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