Dreher, Axel (contributor) - 2008
countries, one with a high return
to investment, and one with a low return. In the presence of a debt-overhang countries might …
chose a level of investment that is too low, as part of the returns accrues to their creditors.
Creditors might then want … agency with a focus
on economic growth in borrowing countries.
The tendency to include structural conditions has been …