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The Economics of Sovereign Debt and Default
Mark Aguiar, Manuel Amador
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
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.
Kundenbewertungen
Market liquidity, Capital market, European debt crisis, Bond (finance), Balance of trade, World economy, Convergence (economics), Financial fragility, Debt overhang, Competition (economics), Foreign Exchange Reserves, Bank rate, Debt Issue, High-yield debt, Probability of default, Economic planning, Swap (finance), Debt, Coordination failure (economics), Consumption (economics), Debt crisis, Institutional investor, Trader (finance), Political economy, Tax revenue, Securitization, Repayment, Economic equilibrium, Government bond, Profit (economics), Bond market, Credit default swap, Government debt, Default (finance), Money market, Return on capital, Foreign direct investment, Neoclassical economics, Investment, External debt, Creditor, Government budget, Macroeconomics, Economic liberalization, Real interest rate, Stock market, Financial crisis, Economic policy, Payment, Debt limit, Economics, Supply (economics), Financial Account, International Monetary Fund, Trade credit, Revaluation of fixed assets, Market economy, Debt ratio, United States Treasury security, Haircut (finance), Interest rate, Fiscal policy, Credit risk, Financial Times, Economy, Risk premium, Credit (finance), Hedge fund, Exchange rate, Market value