Hidden Debt
نویسندگان
چکیده
We study the role of transparency in debt and default dynamics a quantitative sovereign model augmented with asymmetric information. assume that portfolio is not transparent part observable to lenders. The calibrated Bolivian economy matches its long-term business cycle properties. results show when government moves reporting regime, bond prices improve shifts toward noncontingent an increase overall level. However, higher increases frequency reduces welfare.
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ژورنال
عنوان ژورنال: AEA papers and proceedings
سال: 2022
ISSN: ['2574-0768', '2574-0776']
DOI: https://doi.org/10.1257/pandp.20221003