A Delicate Equilibrium : Debt Relief and Default Penalties in an International Context

Debt relief and penalties are discussed in connection with sovereign-country loans. We focus on conditions for the existence of penalties that are too low for ensuring Pareto efficiency, and show the possible time inconsistency of optimal debt contracts. A methodology for ascertaining debt relief implicit in international loans is outlined.
Publication date: January 1989
ISBN: 9781451926422
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International - Economics , debt relief , probability , debt contracts , equation , probability distribution

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