International Lending, Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon
As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2013
|
| Online-Zugang: | Volltext |
| Zusammenfassung: | As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for sovereign debt incurred by individual nations within the European Union. In brief, the paper makes a case for amending the Treaty of Lisbon. The case is established by constructing a game-theoretic model and demonstrating that there exist self-fulfilling equilibria, which would come into existence if cross-country debt liability were permitted and which are Pareto superior to the existing outcome |
| Beschreibung: | 1 Online-Ressource (31 p) |
| DOI: | 10.1596/1813-9450-6555 |
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| 520 | |a As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for sovereign debt incurred by individual nations within the European Union. In brief, the paper makes a case for amending the Treaty of Lisbon. The case is established by constructing a game-theoretic model and demonstrating that there exist self-fulfilling equilibria, which would come into existence if cross-country debt liability were permitted and which are Pareto superior to the existing outcome | ||
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| indexdate | 2024-10-12T04:01:14Z |
| institution | BVB |
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| spellingShingle | Basu, Kaushik International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon |
| title | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon |
| title_auth | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon |
| title_exact_search | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon |
| title_exact_search_txtP | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon |
| title_full | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon Kaushik Basu |
| title_fullStr | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon Kaushik Basu |
| title_full_unstemmed | International Lending, Sovereign Debt and Joint Liability An Economic Theory Model for Amending the Treaty of Lisbon Kaushik Basu |
| title_short | International Lending, Sovereign Debt and Joint Liability |
| title_sort | international lending sovereign debt and joint liability an economic theory model for amending the treaty of lisbon |
| title_sub | An Economic Theory Model for Amending the Treaty of Lisbon |
| url | https://doi.org/10.1596/1813-9450-6555 |
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