منابع مشابه
The Political Economy of Debt Moratoria, Bailouts and Bankruptcy
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Inspired by the European debt crisis of 2010, this paper provides a theoretical framework to analyze the dynamics of the sovereign debt ∗This is preliminary indeed. The results have not yet been checked with sufficient care, despite multiple presentations of earlier drafts. We are thankful to our discussants so far. We are particularly thankful for an insightful discussion by Fernando Broner at...
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Should policy makers be prevented from bailing out investors in the event of a crisis? I study this question in a model of financial intermediation with limited commitment. When a crisis occurs, the policy maker will respond by transferring resources to those investors facing losses. The anticipation of such a “bailout” distorts ex ante incentives, leading intermediaries to become excessively i...
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One of the chief problems about discussing any aspect of Aristotle's political thought, but especially his thinking about constitutions, is the apparent disorder of the Politics. The relatively loose and dialectical nature of the argument is certainly responsible for some of its unevenness: the repetitions, the omissions of promised discussions of particular topics, and the sudden turns, perhap...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.926510