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Pre-emptive sovereign debt restructuring and holdout litigation
Anand, Kartik; Gai, Prasanna - 2018
optimal to prioritise the rights of holdout creditors during litigation so that they are always paid in full. We clarify how …
Persistent link: https://www.econbiz.de/10011874276
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Fiscal deficits, financial fragility, and the effectiveness of government policies
Kirchner, Markus; Wijnbergen, Sweder van - 2012
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...
Persistent link: https://www.econbiz.de/10009625616
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Collateral value and forbearance lending
Chen, Nan-kuang (contributor); Chu, Hsiao-lei (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001925490
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Identifying empty creditors with a shock and micro-data
Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; … - 2021
Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less … incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to … of empty creditors is removed. This effect increases in the average CDS hedge position of a firm's creditors and in the …
Persistent link: https://www.econbiz.de/10012697959
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Subjective evaluation versus public information
Bester, Helmut; Münster, Johannes - 2013
This paper studies a principal-agent relation in which the principal's private information about the agent's effort choice is more accurate than a noisy public performance measure. For some contingencies the optimal contract has to specify ex post inefficiencies in the form of inefficient...
Persistent link: https://www.econbiz.de/10009752336
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Credence goods, costly diagnosis, and subjective evaluation
Bester, Helmut; Dahm, Matthias - 2014
We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumerś problem. This involves moral hazard because diagnosis effort and...
Persistent link: https://www.econbiz.de/10010429934
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Misappropriation of R&D subsidies : estimating treatment effects with one-sided noncompliance
Boeing, Philipp; Peters, Bettina - 2021
Persistent link: https://www.econbiz.de/10012818352
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Misappropriation of R&D subsidies : estimating treatment effects with one-sided noncompliance
Boeing, Philipp; Peters, Bettina - 2021
In evaluating the effectiveness of R&D subsidies, the literature has focused on potential crowding out effects, while the possibility of misappropriation of public funds that results from moral hazard behavior has been completely neglected. This study develops a theoretical framework with which...
Persistent link: https://www.econbiz.de/10012661468
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Saving-investment correlations and government policy under credit constraints
Stefani, Maria Lucia - 1994
Persistent link: https://www.econbiz.de/10000881526
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The macroeconomic role of unemployment compensation
Blumḳin, Tomer (contributor); Hadar, Yosi (contributor);  … - 2009
The standard motivation for unemployment compensation is consumption smoothing and most papers in the literature have analyzed trade-offs involving consumption smoothing and moral hazard. This paper shows how such policy can increase output by enhancing the assignment of workers to jobs in the...
Persistent link: https://www.econbiz.de/10003867937