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The economics of sovereign debt and default /
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| 자료유형 | E-Book |
|---|---|
| 개인저자 | Aguiar, Mark, author. Amador, Manuel (Manuel A.), author. |
| 서명/저자사항 | The economics of sovereign debt and default /Mark Aguiar, Manuel Amador. |
| 형태사항 | 1 online resource : illustrations |
| 총서사항 | CREI Lectures in Macroeconomics |
| 소장본 주기 | WorldCat record variable field(s) change: 650 |
| ISBN | 0691189242 9780691189246 |
| 기타표준부호 | 10.1515/9780691189246doi |
| 서지주기 | Includes bibliographical references and index. |
| 내용주기 | Introducion -- Limited commitment -- Growth under limited commitment -- Imcomplete markets -- The standard one-period bond model -- Self-fulfilling debt crises -- Long-term bonds -- Conclusion. |
| 요약 | 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 |
| 일반주제명 | Debts, External. Debts, Public. Default (Finance) Dettes exte?rieures. BUSINESS & ECONOMICS -- Economics -- Macroeconomics. |
| 언어 | 영어 |
| 기타형태 저록 | Print version:Aguiar, Mark.Economics of sovereign debt and default.Princeton, New Jersey : Princeton University Press, [2021]9780691176819 |
| 대출바로가기 | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=2939380 |
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| No. | 등록번호 | 청구기호 | 소장처 | 도서상태 | 반납예정일 | 예약 | 서비스 | 매체정보 |
|---|---|---|---|---|---|---|---|---|
| 1 | WE00022733 | 336.3/435 | 가야대학교/전자책서버(컴퓨터서버)/ | 대출가능 |
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