English, Article, Journal or magazine article edition: Strategic Investment in a Debt Bargaining Framework Joshua Aizenman; Eduardo R. Borensztein

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Bookmark: http://trove.nla.gov.au/version/141755
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Strategic Investment in a Debt Bargaining Framework
Author
  • Joshua Aizenman
  • Eduardo R. Borensztein
Physical Description
  • preprint
Notes
  • This paper analyzes the strategic role of investment from a debtor country's perspective. The framework is one in which, if the debtor country is unable to meet debt obligations, a bargaining regime determines the amount of debt repayment. In the context of a two-country real trade model, debt repayment is equal to the trade surplus of the debtor. The outcome of the bargaining game will therefore be dependent (among other things) on the level of production in the debtor country. In this framework, the paper shows that productive investment may increase or decrease the bargaining power of the debtor country. This ambiguity appears to be fairly robust.
  • RePEc:nbr:nberwo:3019
Language
  • English
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