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Rare disasters, financial development, and sovereign debt

Rebelo, Sérgio; Wang, Neng; Yang, Jinqiang - 2018

Persistent link: https://www.econbiz.de/10011983187

Rare disasters, financial development, and sovereign debt

Rebelo, Sérgio; Wang, Neng; Yang, Jinqiang - 2018

Persistent link: https://www.econbiz.de/10011916039

Optimal consumption and asset allocation with unknown income growth

Wang, Neng - In: Journal of monetary economics 56 (2009) 4, pp. 524-534

Persistent link: https://www.econbiz.de/10003850587

Rare Disasters, Financial Development, and Sovereign Debt

Rebelo, Sergio - 2018

We propose a model of sovereign debt where countries vary in their level of financial development, defined as the extent to which countries can hedge rare disasters in international capital markets. We show that low levels of financial development generate the "debt intolerance" phenomenon that...

Persistent link: https://www.econbiz.de/10012480684

Rare Disasters, Financial Development, and Sovereign Debt

Rebelo, Sergio T. - 2018

Persistent link: https://www.econbiz.de/10012911106

Optimal Consumption and Asset Allocation with Unknown Income Growth

Wang, Neng - 2011

cannot fully insure himself against income shocks. In addition to the standard income-risk-induced precautionary saving … growth, belief is no longer a martingale. Mean reversion of belief reduces hedging demand on average and in turn mitigates … the impact of estimation risk on consumption-saving and portfolio decisions …

Persistent link: https://www.econbiz.de/10013119169