search query: @indexterm bond markets / total: 247
reference: 24 / 247
| Author: | Tanaka, M. |
| Title: | Bank loans versus bond finance: implications for sovereign debtors |
| Journal: | Economic Journal
2006 : MAR, VOL. 116:510, p. C149-C171 |
| Index terms: | bond markets debt imf welfare |
| Language: | eng |
| Abstract: | This article discusses the optimal choise between bank loans and bond finance fir a sovereign debtor. By publicly monitoring borrowers, a rating agengrncy disseminates the information about creditworthines. This information can be used to determine hte trade-off between two deadweight costs: the crisis of default and the cost of debtor moral hazard. The author also demonstrates that the state contingent debt and IMF intervention can improve welfare. |
SCIMA