belief-driven recessions. To aid in finding policies that avoid this, we derive existence and uniqueness conditions for …. We also derive equilibrium existence conditions under rational expectations for arbitrary non-linear models. …

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 … bank-firm CDS net notional and credit exposures we find that the probability of default for CDS firms drops when the effect …

-chance" offers, where the runner-up bidder pays his own bid price, and they let sellers leave negative feedback on buyers who default … no incentive to exclude bidders, even if they are nearly certain to default; (iii) buyer reputation systems reward …