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Private investment and sovereign debt negotiations


  • Roberto Chang


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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Suggested Citation

  • Roberto Chang, 1993. "Private investment and sovereign debt negotiations," FRB Atlanta Working Paper 93-8, Federal Reserve Bank of Atlanta.
  • Handle: RePEc:fip:fedawp:93-8

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    References listed on IDEAS

    1. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    2. Leeper, Eric M. & Gordon, David B., 1992. "In search of the liquidity effect," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 341-369, June.
    3. Marvin Goodfriend, 1982. "A model of money stock determination with loan demand and a banking system balance sheet constraint," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 3-16.
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    Cited by:

    1. 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.
    2. Wright, Mark L.J., 2006. "Private capital flows, capital controls, and default risk," Journal of International Economics, Elsevier, vol. 69(1), pages 120-149, June.
    3. Eaton, Jonathan & Fernandez, Raquel, 1995. "Sovereign debt," Handbook of International Economics,in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 3, pages 2031-2077 Elsevier.
    4. 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.
    5. 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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