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| Tekijä: | Tanaka, M. |
| Otsikko: | Bank loans versus bond finance: implications for sovereign debtors |
| Lehti: | Economic Journal
2006 : MAR, VOL. 116:510, p. C149-C171 |
| Asiasana: | bond markets debt imf welfare |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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