Implicit Bailouts and the Debt of Wholly State-Owned Enterprises

Published: Jul 20, 2018
Abstract
Around a tenth of the global bond market is issued by State Owned Enterprises (SOEs) that do not have shares floating on public markets. Many of them are SOE banks. Sometimes governments avoid a direct capitalization of these SOEs and instead allow them to issue debt, assuming bond markets can “discipline” the company. Nonetheless bond buyers may expect that in case the SOE defaults there will be an implicit guarantee from the Treasury, either...
Paper Details
Title
Implicit Bailouts and the Debt of Wholly State-Owned Enterprises
Published Date
Jul 20, 2018
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