Private Investment and Sovereign Debt Negotiations
AbstractThe author studies models of sovereign debt bargaining of the kind proposed by J. Bulow and K. Rogoff. All agents act rationally with perfect foresight and perfect information. The main departure from previous studies is that the government of the debtor country acts on behalf of, but is not identical to, its representative citizen. This seemingly minor change surprisingly implies that there is an indeterminacy of bargaining outcomes, including some of the sunspots type; agreement may be delayed for many periods; and marginal debt may not be worthless. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 36 (1995)
Issue (Month): 2 (May)
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Other versions of this item:
- Roberto Chang, 1993. "Private investment and sovereign debt negotiations," Working Paper 93-8, Federal Reserve Bank of Atlanta.
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- Jonathan Eaton & Raquel Fernandez, 1995.
NBER Working Papers
5131, National Bureau of Economic Research, Inc.
- Eaton, J. & Fernandez, R., 1995. "Sovereign Debt," Papers 37, Boston University - Department of Economics.
- Jonathan Eaton & Raquel Fernandez, 1995. "Sovereign Debt," Boston University - Institute for Economic Development 59, Boston University, Institute for Economic Development.
- Mark L . J. Wright, 2004. "Private capital flows, capital controls, and default risk," Working Paper Series 2004-34, Federal Reserve Bank of San Francisco.
- Klimenko, Mikhail M., 2002. "Trade interdependence, the international financial institutions, and the recent evolution of sovereign-debt renegotiations," Journal of International Economics, Elsevier, vol. 58(1), pages 177-209, October.
- Wright, Mark L.J., 2006.
"Private capital flows, capital controls, and default risk,"
Journal of International Economics,
Elsevier, vol. 69(1), pages 120-149, June.
- Mark L. J. Wright, 2004. "Private capital flows, capital controls, and default risk," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
- Chang, Roberto, 1998.
"Political party negotiations, income distribution, and endogenous growth,"
Journal of Monetary Economics,
Elsevier, vol. 41(2), pages 227-255, April.
- Roberto Chang, 1995. "Political party negotiations, income distribution, and endogenous growth," Working Paper 95-3, Federal Reserve Bank of Atlanta.
- Pierpaolo Giannoccolo, 2004. "The Brain Drain. A Survey of the Literature," Working Papers 20060302, Università degli Studi di Milano-Bicocca, Dipartimento di Statistica, revised Mar 2006.
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