Bubbles and Self-Enforcing Debt
收藏NBER2006-10-01 更新2025-01-04 收录
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https://www.nber.org/papers/w12614
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We characterize equilibria with endogenous debt constraints for a general equilibrium economy with limited commitment in which the only consequence of default is losing the ability to borrow in future periods. First, we show that equilibrium debt limits must satisfy a simple condition that allows
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美国国家经济研究局创建时间：
2006-10-01
