students.In the second chapter, I study the sovereign borrowing market. Sovereign default often affects country’s trade … model to incorporate real depreciation along with sovereign bankruptcy. Defaulters must exchange more of their own goods for … imports, which stimulates an adjustment to the equilibrium exchange rate. I demonstrate that a default episode can imply up to …

same period the nature of the banks’ “safety net”, the sanction of bankruptcy and court action, has changed too. The effect …

whether renegotiation occurs and if so, at what cost. When the covenant is not renegotiable or when renegotiation cost is … sufficiently high, more conservative accounting actually reduces the efficiency of debt contracts. When renegotiation cost is small … circumstances, especially for firms with fewer positive NPV projects and higher liquidation values. When renegotiation is costless …

or the rate of default. …

Screening, das Signaling, der Aufbau von Reputation sowie die Harmonisierung der Interessen der Marktteilnehmer.Der zweite … screening, the signaling, establishing a good reputation as well as the harmonization of the interests of the participants of …