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Sovereign Debt and the Tragedy of the Commons

Manuel Amador

No 1000, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: The paper presents a model of sovereign debt repayment based in a tragedy of the commons. It is shown that sovereign debt is issued and repaid in equilibrium, even when contracts a la Bulow-Rogoff are available to a country that defaults.

Date: 2007
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More papers in 2007 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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