haku: @author Solé, J. / yhteensä: 1
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Tekijä: | Solé, J. |
Otsikko: | A model of lending resumption after default: Lessons from capital markets during the nineteenth century |
Lehti: | Economica
2009 : JUL, VOL. 76:303, 557-573 |
Asiasana: | capital markets loans models |
Kieli: | eng |
Tiivistelmä: | This paper argues that lenders' responses to default are based on the additional knowledge about borrowers that is acquired during default episodes. Lending is modelled in a costly-state-verification environment with sovereigns having private information about their investment projects (good or bad). After default, lenders audit projects and interrupt lending only if the project is believed to be a 'bad' one. |
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