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hal.structure.identifier
dc.contributor.authorMartins-da-Rocha, Victor-Filipe
HAL ID: 10403
ORCID: 0000-0002-6244-2678
*
hal.structure.identifier
dc.contributor.authorVailakis, Yiannis*
dc.date.accessioned2016-09-23T17:27:23Z
dc.date.available2016-09-23T17:27:23Z
dc.date.issued2017
dc.identifier.issn0938-2259
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/15834
dc.language.isoenen
dc.subjectSovereign risk
dc.subjectLack of commitment
dc.subjectReputation debt
dc.subject.ddc332en
dc.subject.classificationjelG15en
dc.subject.classificationjelF34en
dc.titleOn the sovereign debt paradox
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité Paris Dauphine
dc.description.abstractenBulow and Rogoff (Am Econ Rev 79(1):43–50, 1989) show that lending to small countries cannot be supported merely on the country’s “reputation for repayment” if exclusion from future credit markets is the only consequence of default. Their arguments are valid under fairly general conditions, but they do not go through when the output of the sovereign may vanish along a path of successive low productivity shocks, or when it may grow unboundedly along a path of successive high productivity shocks. We propose an alternative proof illustrating that their renowned sovereign debt paradox holds in full generality.
dc.relation.isversionofjnlnameEconomic Theory
dc.relation.isversionofjnlvol64
dc.relation.isversionofjnlissue4
dc.relation.isversionofjnldate2017
dc.relation.isversionofjnlpages825-846
dc.relation.isversionofdoi10.1007/s00199-016-0971-6
dc.identifier.urlsitehttps://hal.archives-ouvertes.fr/hal-01097118
dc.relation.isversionofjnlpublisherSpringer
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintouien
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2017-11-28T15:13:17Z
hal.author.functionaut
hal.author.functionaut


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