DEBT WITH POTENTIAL REPUDIATION

被引：8
|
作者：
WORRALL, T
机构：
[1] Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz
来源：
EUROPEAN ECONOMIC REVIEW | 1990年 / 34卷 / 05期
关键词：
D O I：
10.1016/0014-2921(90)90025-T
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Lending across national boundaries is different from lending within national boundaries because of the difficulty of imposing legal sanctions. This paper examines a simple model of international lending where the borrower can repudiate, without legal sanction, if this is to his advantage. The model has an infinite time horizon and it is assumed the borrower has an i.i.d. income stream. It is shown that, although debt is initially restricted, in the long run consumption is completely stabilised. © 1990.
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页码：1099 / 1109
页数：11
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