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Hierarchy and Authority in a Dynamic Perspective : A Model Applied to Donor Financing of NGO Proposals
Yontcheva, Boriana - 2003
This paper presents a dynamic game of strategic delegation between a principal and an agent. The principal can choose between two organizational designs: a traditional hierarchy where she retains authority over the choice of projects to be implemented or a delegation where she allows her agent...
Persistent link: https://www.econbiz.de/10014401277
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Bankruptcy technology, finance, and entrepreneurship
Souza Sobrinho, Nelson Ferreira - 2017
rationale for structural reforms that simultaneously speed up the resolution of private sector insolvency, improve creditor …
Persistent link: https://www.econbiz.de/10011705385
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On Myopic Equilibria in Dynamic Games with Endogenous Discounting
Bolt, Wilko - 2006
This paper derives an equilibrium for a competitive multi-stage game in which an agents'' current action influences his probability of survival into the next round of play. This is directly relevant in banking, where a banks'' current lending and pricing decisions determines its future...
Persistent link: https://www.econbiz.de/10014400165
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The COVID-19 impact on corporate leverage and financial fragility
Haque, Sharjil Muktafi; Varghese, Richard - 2021
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...
Persistent link: https://www.econbiz.de/10012796218
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Constrained efficient borrowing with sovereign default risk
Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2020
Persistent link: https://www.econbiz.de/10012392477
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Structuring and Restructuring Sovereign Debt : The Role of a Bankruptcy Regime
Bolton, Patrick - 2007
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure ex post. We show however, that competition for repayment among lenders may result in a sovereign debt that is...
Persistent link: https://www.econbiz.de/10014400323
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Valuation of Menu items in Debt Restructuring
International Monetary Fund - 1989
This paper outlines a procedure for calculating the cash value of “menu items” in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...
Persistent link: https://www.econbiz.de/10014396239
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A General Equilibrium Approach to Interenterprise Arrears in Transition Economies with Application to Russia
Kwon, Goohoon - 1995
This paper presents a general equilibrium model of interenterprise arrears, characterized by n-stage production technology with random productivity shocks. The model shows that large interenterprise arrears in transition economies may reflect substantial business risks in those countries and...
Persistent link: https://www.econbiz.de/10014398204
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Credibility dynamics and disinflation plans
Kostadinov, Rumen; Roldán, Francisco - 2020
We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans...
Persistent link: https://www.econbiz.de/10012251953
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A Political Agency Theory of Central Bank Independence
Eggertsson, Gauti B. - 2003
We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …
Persistent link: https://www.econbiz.de/10014400234