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|z 9781451852301
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|a 1018-5941
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|a Chamon, Marcos.
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|a Can Debt Crises Be Self-Fulfilling? /
|c Marcos Chamon.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (21 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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 enough other investors do so as well. This suggests that runs on the debt of a single borrower (such as the government) can be eliminated, and that self-fulfilling features are more plausible when articulated in a context in which externalities among many decentralized borrowers allow for economy-wide debt runs to occur.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2004/099
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/099/001.2004.issue-099-en.xml
|z IMF e-Library
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