The economics of sovereign debt and default:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Princeton ; Oxford
Princeton University Press
[2021]
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xvi, 181 Seiten Illustrationen, Diagramme |
| ISBN: | 9780691176819 |
Staff View
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Record in the Search Index
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| adam_text | CONTENTS List ofFigures xi List of Tables xiii xv Acknowledgments 1 Introduction 1 1.1 1 Overview 5 1.2 Empirical Landscape 1.3 2 3 12 Goals Limited Commitment 14 2.1 Introduction 14 2.2 Environment 14 2.3 First-Best Risk Sharing 16 2.4 Limited Commitment 17 2.5 Constrained Efficient Allocations 19 2.5.1 The Case of ßR = 1 2.5.2 An Impatient Sovereign 21 28 2.6 The Bulow-Rogoff Critique 28 2.7 Conclusion 33 Growth under Limited Commitment 34 3.1 Introduction 34 3.2 Environment 35 3.3 Full Commitment Allocation 36 3.4 Limited Commitment 36 VÜ
viii 3.5 CONTENTS Growth with Political Economy Frictions 39 3.6 Conclusion 44 Incomplete Markets 45 4.1 Introduction 45 4.2 Environment 46 4.3 Complete Markets Benchmark 47 4.4 Incomplete Markets: A Planning Problem 51 4.5 Incomplete Markets: Decentralization 58 4.6 64 Conclusion The Standard One-Period Bond Model 66 5.J Introduction 66 5.2 Environment 66 5.2.1 Timing 5.2.2 Equilibrium Objects 67 67 5.3 Characterizing Equilibria 71 5.4 Two Operators 75 5.5 5.4.1 The Price Operator 5.4.2 A Pseudo-Planning Problem 75 76 Quantitative Results 80 5.6 Conclusion 90 Self-Fulfilling Debt Crises 92 6.1 Introduction 92 6.2 Environment 92 6.2.1 Eaton-Gersovitz Timing 6.2.2 Cole-Kehoe Timing 94 95 6.3 Self-Fulfilling Rollover Crises 96 6Л Debt Issuance 99 6.5 The Security ofLong-Term Bonds 6.6 Extensions: Sudden Stops and Over-Borrowing 6.6.1 Sudden Stops 6.6.2 Over-Borrowing and Prolonged Crises 101 101 101 103
CONTENTS 7 ІХ 6.7 Domestic Currency Bonds and Rollover Risk 105 6.8 Policy Responses and Debt Design 107 6.9 Conclusion 108 Long-Term Bonds 109 7.1 Introduction 109 7.2 Environment 110 7.2.1 The Governments Problem 7.2.2 Lenders’ Break-Even Condition 7.2.3 Equilibrium with Long-Term Bonds 7.3 Characterizing Competitive Equilibria 7.3.1 The Safe Zone 7.3.2 The Crisis Zone 114 114 115 7A Inefficiency and Long-Term Bonds 117 7.5 Maturity Choice, Debt Buybacks, and Restructuring 120 7.5.1 7.5.2 7.5.3 7.5.4 A Modified Planning Problem Maturity Choice Buybacks vs. Restructuring: The Role of Holdouts The Yield Curve and the Elasticity of the Bond Price 7.6 Example Equilibria 7.6.1 A Closed-Form Solution:The Case of Perpetuities 7.6.2 An Example with Intermediate Maturity 121 123 124 128 130 131 133 7.7 The Pareto Frontier and the Debt Laffer Curve 135 7.8 Self-Fulfilling Debt Dilution 138 7.8.1 Environment 7.8.2 Efficient Allocations with Relative Impatience 7.8.3 Competitive Equilibria Revisited 7.9 Quantitative Models 8 112 113 114 138 139 141 146 7.10 Conclusion 151 Conclusion 155 Bibliography 161 Index 173
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| adam_txt |
CONTENTS List ofFigures xi List of Tables xiii xv Acknowledgments 1 Introduction 1 1.1 1 Overview 5 1.2 Empirical Landscape 1.3 2 3 12 Goals Limited Commitment 14 2.1 Introduction 14 2.2 Environment 14 2.3 First-Best Risk Sharing 16 2.4 Limited Commitment 17 2.5 Constrained Efficient Allocations 19 2.5.1 The Case of ßR = 1 2.5.2 An Impatient Sovereign 21 28 2.6 The Bulow-Rogoff Critique 28 2.7 Conclusion 33 Growth under Limited Commitment 34 3.1 Introduction 34 3.2 Environment 35 3.3 Full Commitment Allocation 36 3.4 Limited Commitment 36 VÜ
viii 3.5 CONTENTS Growth with Political Economy Frictions 39 3.6 Conclusion 44 Incomplete Markets 45 4.1 Introduction 45 4.2 Environment 46 4.3 Complete Markets Benchmark 47 4.4 Incomplete Markets: A Planning Problem 51 4.5 Incomplete Markets: Decentralization 58 4.6 64 Conclusion The Standard One-Period Bond Model 66 5.J Introduction 66 5.2 Environment 66 5.2.1 Timing 5.2.2 Equilibrium Objects 67 67 5.3 Characterizing Equilibria 71 5.4 Two Operators 75 5.5 5.4.1 The Price Operator 5.4.2 A Pseudo-Planning Problem 75 76 Quantitative Results 80 5.6 Conclusion 90 Self-Fulfilling Debt Crises 92 6.1 Introduction 92 6.2 Environment 92 6.2.1 Eaton-Gersovitz Timing 6.2.2 Cole-Kehoe Timing 94 95 6.3 Self-Fulfilling Rollover Crises 96 6Л Debt Issuance 99 6.5 The Security ofLong-Term Bonds 6.6 Extensions: Sudden Stops and Over-Borrowing 6.6.1 Sudden Stops 6.6.2 Over-Borrowing and Prolonged Crises 101 101 101 103
CONTENTS 7 ІХ 6.7 Domestic Currency Bonds and Rollover Risk 105 6.8 Policy Responses and Debt Design 107 6.9 Conclusion 108 Long-Term Bonds 109 7.1 Introduction 109 7.2 Environment 110 7.2.1 The Governments Problem 7.2.2 Lenders’ Break-Even Condition 7.2.3 Equilibrium with Long-Term Bonds 7.3 Characterizing Competitive Equilibria 7.3.1 The Safe Zone 7.3.2 The Crisis Zone 114 114 115 7A Inefficiency and Long-Term Bonds 117 7.5 Maturity Choice, Debt Buybacks, and Restructuring 120 7.5.1 7.5.2 7.5.3 7.5.4 A Modified Planning Problem Maturity Choice Buybacks vs. Restructuring: The Role of Holdouts The Yield Curve and the Elasticity of the Bond Price 7.6 Example Equilibria 7.6.1 A Closed-Form Solution:The Case of Perpetuities 7.6.2 An Example with Intermediate Maturity 121 123 124 128 130 131 133 7.7 The Pareto Frontier and the Debt Laffer Curve 135 7.8 Self-Fulfilling Debt Dilution 138 7.8.1 Environment 7.8.2 Efficient Allocations with Relative Impatience 7.8.3 Competitive Equilibria Revisited 7.9 Quantitative Models 8 112 113 114 138 139 141 146 7.10 Conclusion 151 Conclusion 155 Bibliography 161 Index 173 |
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| index_date | 2024-07-03T18:57:48Z |
| indexdate | 2024-07-10T09:19:24Z |
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| isbn | 9780691176819 |
| language | English |
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| spelling | Aguiar, Mark 1966- Verfasser (DE-588)129263354 aut The economics of sovereign debt and default Manuel Amador, Mark Aguiar Princeton ; Oxford Princeton University Press [2021] © 2021 xvi, 181 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Staatsbankrott (DE-588)4056637-7 gnd rswk-swf Öffentliche Schulden (DE-588)4043153-8 s Staatsbankrott (DE-588)4056637-7 s Kreditmarkt (DE-588)4073788-3 s Wirtschaftstheorie (DE-588)4079351-5 s b DE-604 Amador, Manuel Verfasser (DE-588)128970111 aut Erscheint auch als Online-Ausgabe 978-0-691-18924-6 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033080536&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Aguiar, Mark 1966- Amador, Manuel The economics of sovereign debt and default BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Öffentliche Schulden (DE-588)4043153-8 gnd Kreditmarkt (DE-588)4073788-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Staatsbankrott (DE-588)4056637-7 gnd |
| subject_GND | (DE-588)4043153-8 (DE-588)4073788-3 (DE-588)4079351-5 (DE-588)4056637-7 |
| title | The economics of sovereign debt and default |
| title_auth | The economics of sovereign debt and default |
| title_exact_search | The economics of sovereign debt and default |
| title_exact_search_txtP | The economics of sovereign debt and default |
| title_full | The economics of sovereign debt and default Manuel Amador, Mark Aguiar |
| title_fullStr | The economics of sovereign debt and default Manuel Amador, Mark Aguiar |
| title_full_unstemmed | The economics of sovereign debt and default Manuel Amador, Mark Aguiar |
| title_short | The economics of sovereign debt and default |
| title_sort | the economics of sovereign debt and default |
| topic | BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Öffentliche Schulden (DE-588)4043153-8 gnd Kreditmarkt (DE-588)4073788-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Staatsbankrott (DE-588)4056637-7 gnd |
| topic_facet | BUSINESS & ECONOMICS / Economics / Macroeconomics Öffentliche Schulden Kreditmarkt Wirtschaftstheorie Staatsbankrott |
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