Can Debt Crises Be Self-Fulfilling?

Can Debt Crises Be Self-Fulfilling?
Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. I show this type of coordination failure can be eliminated by a combination of state-contingent securities and a mechanism that allows investors to promise to lend only if enough other investors do so as well. This suggests... READ MORE...

Publication date: June 2004
ISBN 9781451852301
$15.00

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