The economics of sovereign debt and default / Mark Aguiar, Manuel Amador.

Format:

Book

Author/Creator:

Aguiar, Mark, author.

Amador, Manuel (Manuel A.), author.

Series:

CREI lectures in macroeconomics.

Princeton scholarship online.

CREI lectures in macroeconomics

Princeton scholarship online

Language:

English

Subjects (All):

Debts, Public.

Default (Finance).

Physical Description:

1 online resource (xvi, 181 pages) : illustrations

Place of Publication:

Princeton : Princeton University Press, [2021]

Language Note:

In English.

Summary:

Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. 'The Economics of Sovereign Debt and Default' looks at the core friction unique to sovereign debt - the lack of strong legal enforcement - and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to 'dilute' existing creditors, and sovereign debt's distortion of investment and growth.

Contents:

Frontmatter

CONTENTS

LIST OF FIGURES

LIST OF TABLES

ACKNOWLEDGMENTS

1. Introduction

2. Limited Commitment

3. Growth under Limited Commitment

4. Incomplete Markets

5. The Standard One-Period Bond Model

6. Self-Fulfilling Debt Crises

7. Long-Term Bonds

8. Conclusion

BIBLIOGRAPHY

INDEX

A NOTE ON THE TYPE

Notes:

Also issued in print: 2021.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (viewed on October 13, 2022).

ISBN:

9780691189246

0691189242

OCLC:

1280943054