Inefficient Foreign Borrowing: A Dual-and Common-Agency Perspective
Studying 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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- Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2004.
"A corporate balance-sheet approach to currency crises,"
Journal of Economic Theory,
Elsevier, vol. 119(1), pages 6-30, November.
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- Matsuyama, Kiminori, 1990. "Perfect Equilibria in a Trade Liberalization Game," American Economic Review, American Economic Association, vol. 80(3), pages 480-492, June.
- Kiminori Matsuyama, 1987. "Perfect Equilibria in a Trade Liberalization Game," Discussion Papers 738, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March. Full references (including those not matched with items on IDEAS)
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