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| Author: | Cole, H. Kehoe, P. |
| Title: | Models of sovereign debt: partial versus general reputations |
| Journal: | International Economic Review
1998 : FEB, VOL. 39:1, p. 55-70 |
| Index terms: | ECONOMICS MODELS DEBT |
| Language: | eng |
| Abstract: | Some economists argue that as long as governments can earn the market rate of return by saving abroad, standard reputation models are partial in the sense that actions of agents in one arena affect reputation in that arena only. The authors develop a general model of reputation in which if a government is viewed as untrustworthy in one relationship, this government will be viewed as untrustworthy in other relationships. The authors show that their general model of reputation can support large amounts of debt. |
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