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| Tekijä: | Landskroner, Y. Paroush, J. |
| Otsikko: | New money and adjustment policies |
| Lehti: | International Review of Financial Analysis
1993 : VOL. 2:3, p. 177-190 |
| Asiasana: | MONEY ADJUSTMENT COSTS POLICY |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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