Rational Liquidity Crises in the Sovereign Debt Market : In Search of a Theory /
This paper studies under what circumstances creditworthy sovereign borrowers may be denied liquidity by rational creditors. It is shown that, when the creditor side of the market consists of many small investors there may be multiple rational expectations equilibria. In one equilibrium, creditors�...
| Autor principal: | |
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| Formato: | Periódico |
| Idioma: | English |
| Publicado em: |
Washington, D.C. :
International Monetary Fund,
1996.
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| Colecção: | IMF Working Papers; Working Paper ;
No. 1996/038 |
| Acesso em linha: | Full text available on IMF |