کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
999114 936779 2009 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Renegotiation and the pricing structure of sovereign bank loans: Empirical evidence
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد، اقتصادسنجی و مالیه (عمومی)
پیش نمایش صفحه اول مقاله
Renegotiation and the pricing structure of sovereign bank loans: Empirical evidence
چکیده انگلیسی

It is generally accepted that banks offer renegotiation services to sovereign borrowers facing short-term liquidity shortages. However, the literature has yet to find evidence of such services from the pricing of sovereign bank loans. The research on the pricing of sovereign bank loans has focused on interest spreads alone, while the pricing structure typically includes an up-front fee, as well. In this paper, I explore empirically the economic motivations for such a pricing structure. I find that up-front fees are explained by the probability of renegotiation and by proxies for informational problems. My findings provide evidence that the unique pricing structure of bank loans helps banks provide sovereign borrowers with renegotiation services.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 5, Issue 1, January 2009, Pages 89–103
نویسندگان
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