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Optimal borrowing and overborrowing : some simple simulation lessons (Английский)

This paper examines optimal foreign borrowing in a certainty world with a lending constraint that ensures that countries never have an incentive to repudiate. We find that the informational conditions under which countries pursue a socially optimal debt strategy are very stringent. Under alternative reasonable assumptions, there will be overborrowing initially, until the credit limit is reached. Once the new information about the limit is...
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