Competition and Sovereign Risk

Is increased competition in international financial markets desirable? On the one hand, reductions in mnopoly power can be efficiency improving. On the other, increased competition may make it hard to coordinate in disciplining debtors in default. This paper presents a model that formalizes this intuition, and applies it to study the recent shift from bank loans toward bond lending.

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Year of publication:	2004
Authors:	Wright, Mark L. J.
Institutions:	Society for Economic Dynamics - SED
Subject:	Competition \| Sovereign Debt \| Default Risk

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Series:	2004 Meeting Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Society for Economic Dynamics 2004 Number 6
Classification:	F21 - International Investment; Long-Term Capital Movements ; F34 - International Lending and Debt Problems ; F41 - Open Economy Macroeconomics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005090872