Rollover and interest rate risks in self-fulfilling debt models

This paper proposes a model of sovereign default that features interest rate multiplicity driven by rollover risk. Our core mechanism shows that the possibility of a rollover crisis by itself can lead to high interest rates, which in turn reinforces the rollover risk. By exploiting complementarity b...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Ayres, Joao
Format:	Text Resource
Sprache:	eng
Schlagworte:	Auction Debt Management Debtor Finance Economy Financial Bond Interest Rate Rating self-fulfilling crises Sovereign Default
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