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Reputation and Partial Default

Manuel AmadorChristopher Phelan

出版	National Bureau of Economic Research, 2021
URL	http://books.google.com.hk/books?id=swGC0AEACAAJ&hl=&source=gbs_api

註釋

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 non-strategic 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.