TY  - BOOK
AU  - Aguiar,Mark
AU  - Amador,Manuel
TI  - The Economics of Sovereign Debt and Default
T2  - CREI Lectures in Macroeconomics
SN  - 9780691189246
PY  - 2021///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - BUSINESS & ECONOMICS / Economics / Macroeconomics
KW  - bisacsh
KW  - 1997 Asian financial crisis
KW  - Auction
KW  - Balance of trade
KW  - Bank rate
KW  - Bond (finance)
KW  - Bond market
KW  - Capital market
KW  - Capitalism
KW  - Central bank
KW  - Competition (economics)
KW  - Consumer price index
KW  - Consumption (economics)
KW  - Convergence (economics)
KW  - Coordination failure (economics)
KW  - Cost of capital
KW  - Credit (finance)
KW  - Credit default swap
KW  - Credit risk
KW  - Creditor
KW  - Currency
KW  - Debt Issue
KW  - Debt crisis
KW  - Debt limit
KW  - Debt overhang
KW  - Debt ratio
KW  - Debt
KW  - Default (finance)
KW  - Economic equilibrium
KW  - Economic liberalization
KW  - Economic planning
KW  - Economic policy
KW  - Economics
KW  - Economy
KW  - Equity Market
KW  - Equity ratio
KW  - European debt crisis
KW  - Eurozone
KW  - Exchange rate
KW  - External debt
KW  - Finance
KW  - Financial Account
KW  - Financial Times
KW  - Financial crisis of 2007–08
KW  - Financial crisis
KW  - Financial engineering
KW  - Financial fragility
KW  - Fiscal policy
KW  - Foreign Exchange Reserves
KW  - Foreign direct investment
KW  - Government bond
KW  - Government budget balance
KW  - Government budget
KW  - Government debt
KW  - Haircut (finance)
KW  - Hedge (finance)
KW  - Hedge fund
KW  - High-yield debt
KW  - Incremental capital-output ratio
KW  - Inflation
KW  - Institutional investor
KW  - Insurance
KW  - Interest rate
KW  - International Monetary Fund
KW  - Investment goods
KW  - Investment
KW  - Macroeconomics
KW  - Market economy
KW  - Market liquidity
KW  - Market mechanism
KW  - Market price
KW  - Market value
KW  - Money management
KW  - Money market
KW  - Neoclassical economics
KW  - Net capital outflow
KW  - Net foreign assets
KW  - Payment
KW  - Political economy
KW  - Price Change
KW  - Probability of default
KW  - Profit (economics)
KW  - Public finance
KW  - Real interest rate
KW  - Repayment
KW  - Return on capital
KW  - Revaluation of fixed assets
KW  - Risk premium
KW  - Risk-Return Tradeoff
KW  - Securitization
KW  - Stock market index
KW  - Stock market
KW  - Supply (economics)
KW  - Swap (finance)
KW  - Tax revenue
KW  - Trade credit
KW  - Trader (finance)
KW  - Trading nation
KW  - United States Treasury security
KW  - World Bank
KW  - World economy
N1  - 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; restricted access
N2  - An integrated approach to the economics of sovereign defaultFiscal 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. The book uses the tractable framework to isolate how each additional friction affects the equilibrium outcome, and illustrates its counterpart using state-of-the-art computational modeling. The novel approach presented here contrasts the outcome of a constrained efficient allocation—one chosen to maximize the joint surplus of creditors and government—with the competitive equilibrium outcome. This allows for a clear analysis of the extent to which equilibrium prices efficiently guide the government’s debt and default decisions, and of what drives divergences with the efficient outcome.Providing an integrated approach to sovereign debt and default, this incisive and authoritative book is an ideal resource for researchers and graduate students interested in this important topic
UR  - https://doi.org/10.1515/9780691189246?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9780691189246
UR  - https://www.degruyter.com/document/cover/isbn/9780691189246/original
ER  -