文章基本信息

标题：Optimal External Debt and Default
本地全文：下载
作者：Bernardo Guimaraes
期刊名称：CEP Discussion Paper
出版年度：2008
卷号：2008
期号：feb
出版社：Centre for Economic Performance
摘要：This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation and without commitment to repay debt. Taking first order approximations of Bellman equations, I derive analytical expressions for the equilibrium level of debt and the optimal debt contract. In this environment, debt relief generated by reasonable fluctuations in productivity is an order of magnitude below that generated by shocks to world interest rates. Debt relief prescribed by the model following the interest rate hikes of 1980-81 accounts for a substantial part of the debt forgiveness obtained by the main Latin American countries through the Brady agreements.
关键词：sovereign debt; default; capital flows; optimal contract; world interest rates