Rational Liquidity Crises in the Sovereign Debt Market : In Search of a Theory

In Search of a Theory

Rational Liquidity Crises in the Sovereign Debt Market : In Search of a Theory
This paper studies under what circumstances creditworthy sovereign borrowers may be denied liquidity by rational creditors. It is shown that, when the creditor side of the market consists of many small investors there may be multiple rational expectations equilibria. In one equilibrium, creditors' pessimistic expectations about the borrower's... READ MORE...

Publication date: April 1996
ISBN 9781451845648
$15.00

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