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Economics of Sovereign Debt and Default

Name: Economics of Sovereign Debt and Default
Brand: Princeton University Press
SKU: 9780691176819
Price: 19999 HUF
Availability: InStock

Szerző: Mark Aguiar, Manuel Amador

Nyelv:

Kötés: Kemény kötésű

Kiadó: Princeton University Press

Elérhetőség: Beszállítói készleten

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An integrated approach to the economics of sovereign defaultFiscal crises and sovereign default repe...

Információk a könyvről

Szerző

Mark Aguiar, Manuel Amador

Nyelv

Angol

Kötés

Könyv - Kemény kötésű

Kiadva

2021

oldal

200

EAN

9780691176819

ISBN

0691176817

Enbook ID

35661274

Kiadó

Princeton University Press

Súly

478

Méretek

243 x 163 x 23

Teljes leírás

An integrated approach to the economics of sovereign default

Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management.

The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to “dilute” existing creditors, and sovereign debt’s distortion of investment and growth. The book uses the tractable framework to isolate how each additional friction affects the equilibrium outcome, and illustrates its counterpart using state-of-the-art computational modeling. The novel approach presented here contrasts the outcome of a constrained efficient allocation—one chosen to maximize the joint surplus of creditors and government—with the competitive equilibrium outcome. This allows for a clear analysis of the extent to which equilibrium prices efficiently guide the government’s debt and default decisions, and of what drives divergences with the efficient outcome.

Providing an integrated approach to sovereign debt and default, this incisive and authoritative book is an ideal resource for researchers and graduate students interested in this important topic.