On endogenous formation of price expectations

Autor: Yiannis Vailakis, Paulina Navrouzoglou, Cuong Le Van

Publikováno v: Games and Economic Behavior
Games and Economic Behavior, Elsevier, 2019, 115, pp.436-458. ⟨10.1016/j.geb.2019.03.004⟩
Games and Economic Behavior, 2019, 115, pp.436-458. ⟨10.1016/j.geb.2019.03.004⟩

International audience We study a two-period exchange economy with complete financial markets and endogenous borrowing constraints. Contrary to perfect foresight paradigm, we assume that agents are heterogeneous in their ability to forecast future pr

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::f556b0e0f87388b8206b59478e8fd3de
https://doi.org/10.1016/j.geb.2019.03.004

On sovereign default with time-varying interest rates

Autor: Gaetano Bloise, Yiannis Vailakis

We extend and refine Aguiar and Amador (2019) 's contraction approach to Eaton and Gersovitz (1981) 's sovereign debt model. In particular, we encompass time-varying interest rates and growth. We show that, when long-term interest rates exceed growth

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::957bf1770bea3c578666d916ce737d77
http://hdl.handle.net/2108/295680

Sovereign debt and incentives to default with uninsurable risks

Autor: Herakles Polemarchakis, Yiannis Vailakis, Gaetano Bloise

Publikováno v: Theoretical Economics. 12:1121-1154

Sovereign debt is not sustainable even in the presence of uninsurable risks; which extends the result of Bulow and Rogoff (1989). But the argument is not as general. Indeed, examples show that positive borrowing may be enforced even though the sovere

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::6d1b09a6a6113f92c51a13218c75f087
https://doi.org/10.3982/te2146

On the sovereign debt paradox

Autor: Yiannis Vailakis, V. Filipe Martins-da-Rocha

Publikováno v: Economic Theory
Economic Theory, Springer Verlag, 2017, 64, pp.825-846. ⟨10.1007/s00199-016-0971-6⟩
Economic Theory, Springer Verlag, 2016, ⟨10.1007/s00199-016-0971-6⟩

International audience; Bulow and Rogoff (Am Econ Rev 79(1):43–50, 1989) show that lending to small countries cannot be supported merely on the country’s “reputation for repayment” if exclusion from future credit markets is the only consequen

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::c62073030e59f2cca590e686bf802ece
https://doi.org/10.1007/s00199-016-0971-6

Supplemental Material to 'Debt Limits and Credit Bubbles in General Equilibrium'

Autor: Toan Phan, V. Filipe Martins-da-Rocha, Yiannis Vailakis

Publikováno v: SSRN Electronic Journal.

This supplemental material provides the detailed arguments of some omitted proofs in the example analyzed in Marins-da-Rocha, Phan and Vailakis (2019) (henceforth MPV).

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::cb640d9c6343ab175a45987b391bc855
https://doi.org/10.2139/ssrn.3463757