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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010468584
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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010494118
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Austerity
Ntellas, Charēs; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010463597
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10011430112
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010460732
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...
Persistent link: https://www.econbiz.de/10010480852
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A model of dynamic liquidity contracts
Özgür, Onur - 2010
Persistent link: https://www.econbiz.de/10009427998
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Production and endogenous bankruptcy under collateral constraints
León-Ledesma, Miguel A.; Orrillo, Jaime - 2016
firms default. In the model, firms are assumed to be owned by a single individual whose roles as entrepreneur and consumer …. Default is thus endogenous as output determines the deliveries from the assets issued. In turn, the receipts from each asset … counter-cyclical default. We show that, under usual assumptions on utilities and technologies, an equilibrium always exists …
Persistent link: https://www.econbiz.de/10011801395
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Production and endogenous bankruptcy under collateral constraints
León-Ledesma, Miguel A.; Orrillo, Jaime - 2016
firms default. In the model, firms are assumed to be owned by a single individual whose roles as entrepreneur and consumer …. Default is thus endogenous as output determines the deliveries from the assets issued. In turn, the receipts from each asset … counter-cyclical default. We show that, under usual assumptions on utilities and technologies, an equilibrium always exists …
Persistent link: https://www.econbiz.de/10011561050
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Using elasticities to derive optimal bankruptcy exemptions
Dávila, Eduardo - 2016
This paper studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. I show that, in a large class of economies, knowledge of four variables is sufficient to determine whether a bankruptcy exemption...
Persistent link: https://www.econbiz.de/10011975293