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International Lending, Sovereign Debt and Joint Liability : An Economic Theory Model for Amending the Treaty of Lisbon / Kaushik Basu

Von: Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Verlag: Washington, D.C : The World Bank, 2013Beschreibung: Online-Ressource (31 p)Schlagwörter: Andere physische Formen: Basu, Kaushik: International Lending, Sovereign Debt and Joint Liability DOI: DOI: 10.1596/1813-9450-6555Online-Ressourcen: Zusammenfassung: As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for sovereign debt incurred by individual nations within the European Union. In brief, the paper makes a case for amending the Treaty of Lisbon. The case is established by constructing a game-theoretic model and demonstrating that there exist self-fulfilling equilibria, which would come into existence if cross-country debt liability were permitted and which are Pareto superior to the existing outcomePPN: PPN: 834979365Package identifier: Produktsigel: ZDB-110-WBL | ZDB-1-WBA | ZDB-110-WBO
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Reproduktion, 2013. (World Bank eLibrary) |2013||||||||||

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