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Sovereign-Debt Renegotiations Revisted

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Author Info
Raquel Fernandez
Robert W. Rosenthal

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Abstract

The sovereign-debt literature has often implicitly assumed that all the power in the bargaining game between debtor and creditor lies with the latter. An earlier paper provided a game-theoretic basis for this contention. in that all the subgame-perfect equilibria of the game modeled have an extreme form in which the game's surplus is captured by the creditor. Two related games are analyzed here. Equilibria in which the debtor captures some of the surplus are shown to exist in one of them but not the other, and the roles of various assumptions in all three games is examined.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2981.

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Date of creation: May 1989
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Handle: RePEc:nbr:nberwo:2981

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January. [Downloadable!] (restricted)
  2. Raquel Fernandez & Robert W. Rosenthal, 1988. "Sovereign-debt Renegotiations: A Strategic Analysis," NBER Working Papers 2597, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jeffrey Sachs, 1983. "Theoretical Issues in International Borrowing," NBER Working Papers 1189, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Fernandez, Raquel & Ozler, Sule, 1991. "Debt concentration and secondary market prices," Policy Research Working Paper Series 570, The World Bank. [Downloadable!]
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