The Dynamics of Sovereign Debt Crises and Bailouts

The Dynamics of Sovereign Debt Crises and Bailouts
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair... READ MORE...

Publication date: July 2016
ISBN 9781475581027
$18.00

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Publication date: July 2016

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