Inefficient Foreign Borrowing: A Dual-and Common-Agency Perspective
AbstractStudying the implications of uncoordinated borrowing, the paper first looks at whether and when countries borrow too much in the aggregate. It then revisits the "original sin" debate, analyzing whether and when equity portfolio investment, international portfolio diversification, domestic currency denomination and longer maturities enhance borrowing countries' access to international lending. The paper thereby relates a country's level and quality of access to international capital markets to a variety of institutional features such as the level of domestic savings, their location, the extent of control rights held by political authorities, and the interests of dominant domestic political forces.
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Date of creation: 24 Jan 2003
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Other versions of this item:
- Jean Tirole, 2003. "Inefficient Foreign Borrowing: A Dual- and Common-Agency Perspective," American Economic Review, American Economic Association, American Economic Association, vol. 93(5), pages 1678-1702, December.
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- Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2001.
"A Corporate Balance-Sheet Approach to Currency Crises,"
Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP), UniversitÃ© de Lausanne, FacultÃ© des HEC, DEEP
01.14, UniversitÃ© de Lausanne, FacultÃ© des HEC, DEEP.
- Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2004. "A corporate balance-sheet approach to currency crises," Journal of Economic Theory, Elsevier, Elsevier, vol. 119(1), pages 6-30, November.
- Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2001. "A corporate Balance-Sheet Approach to Currency Crises," Working Papers 01.05, Swiss National Bank, Study Center Gerzensee.
- Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "A Corporate Balance Sheet Approach to Currency Crises," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3092, C.E.P.R. Discussion Papers.
- Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, American Economic Association, vol. 92(1), pages 240-258, March.
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