Private International Debt with Risk of Repudiation
研究在存在违约风险的国际资本流动中，战略外部性是否为监管国际借贷提供了理由，比较了政府集中借贷与个人分散借贷两种安排下的风险分担效果。
The risk of repudiation plays a central role in the size and nature of international capital flows. In this paper the author addresses the question of whether, in a world of international capital flows with risk of default, strategic externalities provide a rationale for regulation of international borrowing. The author models centralized arrangements of international debt in which only governments borrow and lend internationally and decentralized arrangements in which individuals have access to international markets. The author shows that a centralized setup allows more international risk sharing than a decentralized setup.