The Unsecured Creditor's Bargain: A Reply

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Coordinating Creditors

The market for developing country sovereign debt has become increasingly competitive. Is this necessarily good for welfare? Or, is there scope for beneficial government intervention to reduce competition, and promote coordination, among creditors? This paper reviews recent theoretical work on the market for developing country sovereign debt that shows that competition can reduce welfare. Furthe...

A Faustian bargain?

Few advances in science and technology have escaped the interests of the military—and indeed many have been fostered by those interests: for many years well over half of the uK’s r&D budget was directed towards weaponry, while military research in the former Soviet union virtually bankrupted civil society. Most weapons developments have engaged physics and chemistry, but the life sciences—not l...

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