issuing state-contingent debt instruments in a standard sovereign default model a la Eaton and Gersovitz (1981). We show that …

State-contingent debt instruments such as GDP-linked warrants have garnered attention as a potential tool to help debt …

between creditors and debtors over recovery values, and potentially even relapses into default post-restructuring. State-contingent … debt instruments (SCDIs) could play an important role in improving the outcomes of these restructurings …