Decentralized borrowing and centralized default
نویسندگان
چکیده
منابع مشابه
Decentralized Borrowing and Centralized Default
In the past, foreign borrowing by developing countries was comprised almost entirely of government borrowing. Recently, private firms and individuals in developing countries borrow substantially from foreign lenders. It is not clear whether the observed increase in private sector borrowing leads to overborrowing and frequent defaults by governments in developing countries. In this paper, we dev...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2012
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2012.02.005