The Economics of Sovereign Debt and Default

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Beschreibung

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.

Über den Autor

Mark Aguiar is the Walker Professor of Economics and International Finance at Princeton University. Website [...] Manuel Amador is a monetary advisor at the Federal Reserve Bank of Minneapolis and professor of economics at the University of Minnesota. Website [...]

Details

Erscheinungsjahr:	2021
Fachbereich:	Volkswirtschaft
Genre:	Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Buch
Inhalt:	Gebunden
ISBN-13:	9780691176819
ISBN-10:	0691176817
Sprache:	Englisch
Einband:	Gebunden
Autor:	Amador, Manuel Aguiar, Mark
Hersteller:	Princeton University Press
Maße:	237 x 159 x 23 mm
Von/Mit:	Manuel Amador (u. a.)
Erscheinungsdatum:	21.12.2021
Gewicht:	0,476 kg

Artikel-ID: 120333299

Über den Autor

Details

Erscheinungsjahr:	2021
Fachbereich:	Volkswirtschaft
Genre:	Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Buch
Inhalt:	Gebunden
ISBN-13:	9780691176819
ISBN-10:	0691176817
Sprache:	Englisch
Einband:	Gebunden
Autor:	Amador, Manuel Aguiar, Mark
Hersteller:	Princeton University Press
Maße:	237 x 159 x 23 mm
Von/Mit:	Manuel Amador (u. a.)
Erscheinungsdatum:	21.12.2021
Gewicht:	0,476 kg