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020 _a9780691189246
_qPDF
024 7 _a10.1515/9780691189246
_2doi
035 _a(DE-B1597)9780691189246
035 _a(DE-B1597)589967
035 _a(OCoLC)1280943054
040 _aDE-B1597
_beng
_cDE-B1597
_erda
072 7 _aBUS039000
_2bisacsh
084 _aonline - DeGruyter
100 1 _aAguiar, Mark
_eautore
245 1 4 _aThe Economics of Sovereign Debt and Default /
_cManuel Amador, Mark Aguiar.
264 1 _aPrinceton, NJ :
_bPrinceton University Press,
_c[2021]
264 4 _c©2021
300 _a1 online resource (200 p.) :
_b16 b/w illus. 5 tables.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 0 _aCREI Lectures in Macroeconomics ;
_v1
505 0 0 _tFrontmatter --
_tCONTENTS --
_tLIST OF FIGURES --
_tLIST OF TABLES --
_tACKNOWLEDGMENTS --
_t1. Introduction --
_t2. Limited Commitment --
_t3. Growth under Limited Commitment --
_t4. Incomplete Markets --
_t5. The Standard One-Period Bond Model --
_t6. Self-Fulfilling Debt Crises --
_t7. Long-Term Bonds --
_t8. Conclusion --
_tBIBLIOGRAPHY --
_tINDEX --
_tA NOTE ON THE TYPE
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aAn 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.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2022)
650 7 _aBUSINESS & ECONOMICS / Economics / Macroeconomics.
_2bisacsh
653 _a1997 Asian financial crisis.
653 _aAuction.
653 _aBalance of trade.
653 _aBank rate.
653 _aBond (finance).
653 _aBond market.
653 _aCapital market.
653 _aCapitalism.
653 _aCentral bank.
653 _aCompetition (economics).
653 _aConsumer price index.
653 _aConsumption (economics).
653 _aConvergence (economics).
653 _aCoordination failure (economics).
653 _aCost of capital.
653 _aCredit (finance).
653 _aCredit default swap.
653 _aCredit risk.
653 _aCreditor.
653 _aCurrency.
653 _aDebt Issue.
653 _aDebt crisis.
653 _aDebt limit.
653 _aDebt overhang.
653 _aDebt ratio.
653 _aDebt.
653 _aDefault (finance).
653 _aEconomic equilibrium.
653 _aEconomic liberalization.
653 _aEconomic planning.
653 _aEconomic policy.
653 _aEconomics.
653 _aEconomy.
653 _aEquity Market.
653 _aEquity ratio.
653 _aEuropean debt crisis.
653 _aEurozone.
653 _aExchange rate.
653 _aExternal debt.
653 _aFinance.
653 _aFinancial Account.
653 _aFinancial Times.
653 _aFinancial crisis of 2007–08.
653 _aFinancial crisis.
653 _aFinancial engineering.
653 _aFinancial fragility.
653 _aFiscal policy.
653 _aForeign Exchange Reserves.
653 _aForeign direct investment.
653 _aGovernment bond.
653 _aGovernment budget balance.
653 _aGovernment budget.
653 _aGovernment debt.
653 _aHaircut (finance).
653 _aHedge (finance).
653 _aHedge fund.
653 _aHigh-yield debt.
653 _aIncremental capital-output ratio.
653 _aInflation.
653 _aInstitutional investor.
653 _aInsurance.
653 _aInterest rate.
653 _aInternational Monetary Fund.
653 _aInvestment goods.
653 _aInvestment.
653 _aMacroeconomics.
653 _aMarket economy.
653 _aMarket liquidity.
653 _aMarket mechanism.
653 _aMarket price.
653 _aMarket value.
653 _aMoney management.
653 _aMoney market.
653 _aNeoclassical economics.
653 _aNet capital outflow.
653 _aNet foreign assets.
653 _aPayment.
653 _aPolitical economy.
653 _aPrice Change.
653 _aProbability of default.
653 _aProfit (economics).
653 _aPublic finance.
653 _aReal interest rate.
653 _aRepayment.
653 _aReturn on capital.
653 _aRevaluation of fixed assets.
653 _aRisk premium.
653 _aRisk-Return Tradeoff.
653 _aSecuritization.
653 _aStock market index.
653 _aStock market.
653 _aSupply (economics).
653 _aSwap (finance).
653 _aTax revenue.
653 _aTrade credit.
653 _aTrader (finance).
653 _aTrading nation.
653 _aUnited States Treasury security.
653 _aWorld Bank.
653 _aWorld economy.
700 1 _aAmador, Manuel
_eautore
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.1515/9780691189246?locatt=mode:legacy
856 4 0 _uhttps://www.degruyter.com/isbn/9780691189246
856 4 2 _3Cover
_uhttps://www.degruyter.com/document/cover/isbn/9780691189246/original
942 _cEB
999 _c194406
_d194406