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The paper examines the pricing and design of sovereign state-contingent debt instruments, revealing that traditional threshold bond structures can lead to welfare losses for governments due to increased return variance disliked by robust lenders. While these instruments can be beneficial under optimal design, their current implementation is limited by lender concerns over model misspecification and ambiguity, which results in high spreads and reluctance to issue such debt. The findings suggest that the lack
- Author
- bautista vidal
- Language
- EN