We examine the question of why a government would default on debt denominated in its own currency. Using a newly constructed dataset of 14 emerging markets, we document that the private sector continues to borrow from abroad in foreign currency while sovereigns increasingly borrow from...

Abstract. Why are debt securities so common? I show that debt securities minimize the welfare losses from the moral hazards of excessive risk-taking and lax effort. For any security design, the variance of the security payoff is a statistic that summarizes these welfare losses. Debt securities...

Gary Becker, who died on 3 May 2014 at the age of 83, redefined economics both in its methodology and scope. He radically expanded the sphere of economic analysis. As the range of issues and especially data in economics increased over the last half century, Becker's approach became more and more...

Air transportation has been a common theme in economic geography literature in relation to the analysis of airline routes and flows, the study of international supply chains, location analysis, the impact of airport noise on residential property values and environmental issues (e.g., WILTOX et...

The recent unravelling of the Eurozone?s financial integration raised concerns about feedback loops between sovereign and banking insolvency, and provided an impetus for the European banking union. This paper provides a ?double-decker bailout? theory of the feedback loop that allows for both...

In this paper we explore how the balance of agents on the two sides of a matching market impacts their potential for strategic manipulation. Coles and Shorrer [2014] previously showed that in large, balanced, uniform markets using the Men-Proposing Deferred Acceptance Algorithm, each woman's...

Recently, sleep-disordered breathing (SDB) has been reported to be associated with the development of gestational diabetes mellitus (GDM). Accordingly, as this is emergent area of research that has significant clinical relevance, the objective of this meta-analysis is to examine the relationship...