| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7389 |
| 来源ID | Working Paper 7389 |
| Uncertainty and the Disappearance of International Credit | |
| Joshua Aizenman; Nancy P. Marion | |
| 发表日期 | 1999-10-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight to utility derived from bad outcomes than from good ones, a moderate increase in uncertainty about debt overhang or about other relevant factors affecting repayment prospects-- can cause the supply of credit to dry up completely. We therefore offer one possible explanation for why emerging markets may find themselves suddenly cut off from international capital markets. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w7389 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564926 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Nancy P. Marion. Uncertainty and the Disappearance of International Credit. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7389.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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