A General Equilibrium Model of Sovereign Default and Business Cycles

A General Equilibrium Model of Sovereign Default and Business Cycles
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some... READ MORE...

Publication date: July 2011
ISBN 9781462302222
$18.00

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