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Private investment and sovereign debt negotiations

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  • Roberto Chang

Abstract

The 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 Info

Paper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 93-8.

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Date of creation: 1993
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Handle: RePEc:fip:fedawp:93-8

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Keywords: Debt;

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Cited by:
  1. Jonathan Eaton & Raquel Fernandez, 1995. "Sovereign Debt," NBER Working Papers 5131, National Bureau of Economic Research, Inc.
  2. 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.
  3. Mark L. J. Wright, 2004. "Private capital flows, capital controls, and default risk," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
  4. Mark L . J. Wright, 2004. "Private capital flows, capital controls, and default risk," Working Paper Series 2004-34, Federal Reserve Bank of San Francisco.
  5. 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.
  6. Chang, Roberto, 1998. "Political party negotiations, income distribution, and endogenous growth," Journal of Monetary Economics, Elsevier, vol. 41(2), pages 227-255, April.

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