Default and Renegotiation: A Dynamic Model of Debt
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We analyze the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the first part of the paper we study the optimal debt contract -- specifically, the trade-off between the size of the loan and the repayment -- under the assumption that some debt contract
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美国国家经济研究局创建时间：
1997-01-01
