Default and Interest Rate Shocks: Renegotiation Matters
收藏NBER2025-12-01 更新2025-12-20 收录
下载链接：
https://www.nber.org/papers/w34555
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资源简介：
We develop a sovereign default model with debt renegotiation in which interest-rate shocks affect default incentives through two mechanisms. Under the standard mechanism, higher interest rates tighten the governments budget constraint. Under the renegotiation mechanism, higher rates increase lenders
提供机构：
美国国家经济研究局
创建时间：
2025-12-01
