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 InfoPaper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 93-8.
Date of creation: 1993
Date of revision:
Other versions of this item:
- Chang, Roberto, 1995. "Private Investment and Sovereign Debt Negotiations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(2), pages 387-405, May.
- Chang, Roberto, 1991. "Private Investment and Sovereign Debt Negotiations," Working Papers 91-47, C.V. Starr Center for Applied Economics, New York University.
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- Chang, R., 1992.
"Political Party Negotiations, Income Distribution and Endogenous Growth,"
92-39, C.V. Starr Center for Applied Economics, New York University.
- 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.
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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.
- Wright, Mark L.J., 2006.
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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.
- 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.
- Mark L . J. Wright, 2004. "Private capital flows, capital controls, and default risk," Working Paper Series 2004-34, Federal Reserve Bank of San Francisco.
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