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Sovereign debt defaults: insights from history

โœ Scribed by Oosterlinck, K.

Book ID
121695173
Publisher
Oxford University Press
Year
2013
Tongue
English
Weight
548 KB
Volume
29
Category
Article
ISSN
0266-903X

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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