| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6054 |
| DP6054 Grant Support and Exporting Activity | |
| Eric Strobl; Holger Görg; Michael Henry | |
| 发表日期 | 2007-01-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation and without commitment to repay debt. Taking first order approximations of Bellman equations, I derive analytical expressions for the equilibrium level of debt and the optimal debt contract. In this environment, debt relief generated by reasonable fluctuations in productivity is an order of magnitude below that generated by shocks to world interest rates. Debt relief prescribed by the model following the interest rate hikes of 1980-81 accounts for a substantial part of the debt forgiveness obtained by the main Latin American countries through the Brady agreements. |
| 主题 | International Macroeconomics |
| 关键词 | Default Optimal contract Sovereign debt World interest rates |
| URL | https://cepr.org/publications/dp6054 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534887 |
| 推荐引用方式 GB/T 7714 | Eric Strobl,Holger Görg,Michael Henry. DP6054 Grant Support and Exporting Activity. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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