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Default and Renegotiation: A Dynamic Model of Debt

โœ Scribed by Hart, O.; Moore, J.

Book ID
118145101
Publisher
MIT Press
Year
1998
Tongue
English
Weight
223 KB
Volume
113
Category
Article
ISSN
0033-5533

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โœ Nalin Kulatilaka; Alan J. Marcus ๐Ÿ“‚ Article ๐Ÿ“… 1987 ๐Ÿ› Elsevier Science ๐ŸŒ English โš– 787 KB

This paper presents a continuous-time stochastic model to study the timing decision of strategic default of sovereign debt. The debtor country precommits to an investment plan, finances part of it with a foreign loan, and maximizes the present value (PV) of utility from an infinite stream of consump