Sovereign Risk and Secondary Markets
收藏NBER2006-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w12783
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Conventional wisdom says that, in the absence of sufficient default penalties, sovereign risk constrains credit and lowers welfare. We show that this conventional wisdom rests on one implicit assumption: that assets cannot be retraded in secondary markets. Once this assumption is relaxed, there is
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美国国家经济研究局创建时间：
2006-12-01
