| 000 -LEADER |
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| fixed length control field |
01003nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230918b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Amador, Manuel and Phelan, Christopher |
| 245 ## - TITLE STATEMENT |
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| Title |
Reputation and partial default |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The American Economic Review: Insights |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
5(2), Jun, 2023: p.158-172 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
This paper presents a continuous-time reputation model of sovereign debt allowing for both varying levels of partial default and full default. In it, a government can be a nonstrategic commitment type or a strategic opportunistic type, and a government's reputation is its equilibrium Bayesian posterior of being the commitment type. Our equilibrium has that for bond levels reachable by both types without defaulting, bigger partial defaults (or bigger haircuts for bond holders) imply higher interest rates for subsequent bond issuances, as in the data.- Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The American Economic Review: Insights |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
DEBTS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
