**Acclaimed investment experts Peter Treadway and Michael Wong explain how to protect your investments--and even profit--from the coming sovereign default crises** A major sovereign default crisis is looming for the so-called developed economies of the world. The result will be a major redistributi
โฆ LIBER โฆ
The elusive costs of sovereign defaults
โ Scribed by Eduardo Levy Yeyati; Ugo Panizza
- Book ID
- 116633963
- Publisher
- Elsevier Science
- Year
- 2011
- Tongue
- English
- Weight
- 428 KB
- Volume
- 94
- Category
- Article
- ISSN
- 0304-3878
No coin nor oath required. For personal study only.
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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