NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment

Rohan Pitchford, Mark L. J. Wright

NBER Working Paper No. 16632
Issued in December 2010

---- Acknowledgements -----

While all errors are our own, we thank Rui Esteves, Daniel Klerman, Lee Ohanian, Christoph Trebesch, the editor, three anonymous referees, and numerous seminar participants for comments, and Catherine Feng and Aubrey Clark for excellent research assistance. Further comments are welcome. Pitchford acknowledges the financial support of the Australian Research Council. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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