Uncertainty and the disappearance of international credit:
We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
1999
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
7389 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight to utility derived from bad outcomes than from good ones, a moderate increase in uncertainty about debt overhang or about other relevant factors affecting repayment prospects-- can cause the supply of credit to dry up completely. We therefore offer one possible explanation for why emerging markets may find themselves suddenly cut off from international capital markets. |
| Physical Description: | 32 S. graph. Darst. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 7389 | |
| 520 | |a We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight to utility derived from bad outcomes than from good ones, a moderate increase in uncertainty about debt overhang or about other relevant factors affecting repayment prospects-- can cause the supply of credit to dry up completely. We therefore offer one possible explanation for why emerging markets may find themselves suddenly cut off from international capital markets. | ||
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| id | DE-604.BV013177174 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:40:20Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008978364 |
| oclc_num | 42871878 |
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| owner | DE-521 DE-Re13 DE-BY-UBR |
| owner_facet | DE-521 DE-Re13 DE-BY-UBR |
| physical | 32 S. graph. Darst. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Uncertainty and the disappearance of international credit Joshua Aizeman ; Nancy Marion Cambridge, Mass. 1999 32 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7389 We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight to utility derived from bad outcomes than from good ones, a moderate increase in uncertainty about debt overhang or about other relevant factors affecting repayment prospects-- can cause the supply of credit to dry up completely. We therefore offer one possible explanation for why emerging markets may find themselves suddenly cut off from international capital markets. Entwicklungsländer Ökonometrisches Modell Capital market Developing countries Econometric models Credit Developing countries Econometric models Debts, External Developing countries Econometric models Marion, Nancy Peregrim 1949- Verfasser (DE-588)124080022 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7389 (DE-604)BV002801238 7389 http://papers.nber.org/papers/w7389.pdf kostenfrei Volltext |
| spellingShingle | Aizenman, Joshua 1949- Marion, Nancy Peregrim 1949- Uncertainty and the disappearance of international credit National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Entwicklungsländer Ökonometrisches Modell Capital market Developing countries Econometric models Credit Developing countries Econometric models Debts, External Developing countries Econometric models |
| title | Uncertainty and the disappearance of international credit |
| title_auth | Uncertainty and the disappearance of international credit |
| title_exact_search | Uncertainty and the disappearance of international credit |
| title_full | Uncertainty and the disappearance of international credit Joshua Aizeman ; Nancy Marion |
| title_fullStr | Uncertainty and the disappearance of international credit Joshua Aizeman ; Nancy Marion |
| title_full_unstemmed | Uncertainty and the disappearance of international credit Joshua Aizeman ; Nancy Marion |
| title_short | Uncertainty and the disappearance of international credit |
| title_sort | uncertainty and the disappearance of international credit |
| topic | Entwicklungsländer Ökonometrisches Modell Capital market Developing countries Econometric models Credit Developing countries Econometric models Debts, External Developing countries Econometric models |
| topic_facet | Entwicklungsländer Ökonometrisches Modell Capital market Developing countries Econometric models Credit Developing countries Econometric models Debts, External Developing countries Econometric models |
| url | http://papers.nber.org/papers/w7389.pdf |
| volume_link | (DE-604)BV002801238 |
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