TWO ESSAYS ON SOVEREIGN DEBT
This dissertation is composed of two papers. In the first paper, we draw a distinction between the "optimal debt" and the "debt capacity" of a sovereign nation. It is shown that for a sovereign nation, its debt capacity is at most equal to its optimal debt. The existence and the type of equilibrium that prevails in the international capital market is also discussed. The last part of the first paper demonstrates that with an international organization such as the International Monetary Fund (IMF), the borrowing nations are better off and the lenders are no worse off.
Authors: | PATTAPHONGS, DANAI |
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Publisher: |
Florida State University Libraries |
Subject: | Theory |
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