Is increased competition in international financial markets desirable? On the one hand, reductions in mnopoly power can be efficiency improving. On the other, increased competition may make it hard to coordinate in disciplining debtors in default. This paper presents a model that formalizes this intuition, and applies it to study the recent shift from bank loans toward bond lending.
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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number
6.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:red:sed004:6
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Find related papers by JEL classification: F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F34 - International Economics - - International Finance - - - International Lending and Debt Problems F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics