Servicing the public debt : the role of government’s behavior towards debt
This article presents a model in which haircuts on public debt may occur. My focus relies on the explanation and numerical exploration of multiple equilibria. Calvo (1988) first found multiple equilibrium interest rates due to investors’ self-fulfilling expectations of a partial default in a model w...
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| Format: | masterThesis |
| Language: | eng |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10400.14/16609 |
| Country: | Portugal |
| Oai: | oai:repositorio.ucp.pt:10400.14/16609 |