Can Debt Crises Be Self-Fulfilling? /
Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. I show this type of coordination failure can be eliminated by a combination of state-contingent securities and a mechanism that allows investors to promise to lend only if enou...
Main Author: | |
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Format: | Journal |
Language: | English |
Published: |
Washington, D.C. :
International Monetary Fund,
2004.
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Series: | IMF Working Papers; Working Paper ;
No. 2004/099 |
Online Access: | Full text available on IMF |