search query: @author Paroush, J. / total: 2
reference: 1 / 2
« previous | next »
| Author: | Landskroner, Y. Paroush, J. |
| Title: | New money and adjustment policies |
| Journal: | International Review of Financial Analysis
1993 : VOL. 2:3, p. 177-190 |
| Index terms: | MONEY ADJUSTMENT COSTS POLICY |
| Language: | eng |
| Abstract: | This paper deals with a particular version of the debt-overhang problem. The paper mpdels the debt renegotiation process between a sovereign borrower and a commercial lender in a game-theoretic framework. The objective of the paper is to model and examine how a neutral third party ( such as the IMF) can help to resolve conflicts between the international borrower and lender and can credibly enforce a Pareto superior solution. The relationship between the actions of the two parties: new money by the lender and adjustment policies of the borrower - is the basis of the model. |
« previous | next »
SCIMA