A Delicate Equilibrium : Debt Relief and Default Penalties in an International Context.
Debt relief and penalties are discussed in connection with sovereign-country loans. We focus on conditions for the existence of penalties that are too low for ensuring Pareto efficiency, and show the possible time inconsistency of optimal debt contracts. A methodology for ascertaining debt relief im...
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| Format: | Tidsskrift |
| Sprog: | English |
| Udgivet: |
Washington, D.C. :
International Monetary Fund,
1989.
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| Serier: | IMF Working Papers; Working Paper ;
No. 1989/010 |
| Online adgang: | Full text available on IMF |