| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24683
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| 来源ID | Working Paper 24683
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| Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models |
| Mark A. Aguiar; Manuel Amador
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| 发表日期 | 2018-06-11
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | We establish that creditor beliefs regarding future borrowing can be self-fulfilling, leading to multiple equilibria with markedly different debt accumulation patterns. We characterize such indeterminacy in the Eaton-Gersovitz sovereign debt model augmented with long maturity bonds. Two necessary conditions for the multiplicity are: (i) the government is more impatient than foreign creditors, and (ii) there are deadweight losses from default; both are realistic and standard assumptions in the quantitative literature. The multiplicity is dynamic and stems from the self-fulfilling beliefs of how future creditors will price bonds; long maturity bonds are therefore a crucial component of the multiplicity. We introduce a third party with deep pockets to discuss the policy implications of this source of multiplicity and identify the potentially perverse consequences of traditional “lender of last resort” policies. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w24683
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582356
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推荐引用方式
GB/T 7714 |
Mark A. Aguiar,Manuel Amador. Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models. 2018.
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文件名：
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w24683.pdf
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格式：
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Adobe PDF
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