排序方式: 共有2条查询结果,搜索用时 0 毫秒
1
1.
Is Debt Relief Efficient? 总被引:1,自引:0,他引:1
When developing countries announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60% in real dollar terms—a $42 billion increase in shareholder value. There is no significant stock market increase for a control group of countries that do not sign Brady agreements. The stock market appreciations successfully forecast higher future resource transfers, investment, and growth. Since the market capitalization of U.S. commercial banks with developing country loan exposure also rises—by $13 billion—the results suggest that both borrower and lenders can benefit from debt relief when the borrower suffers from debt overhang. 相似文献
2.
SERKAN KUCUKSENEL 《Journal of Public Economic Theory》2012,14(5):767-789
This paper studies the mechanism design problem for the class of Bayesian environments where agents do care for the well‐being of others. For these environments, we fully characterize interim efficient (IE) mechanisms and examine their properties. This set of mechanisms is compelling, since IE mechanisms are the best in the sense that there is no other mechanism which generates unanimous improvement. For public good environments, we show that these mechanisms produce public goods closer to the efficient level of production as the degree of altruism in the preferences increases. For private good environments, we show that altruistic agents trade more often than selfish agents. 相似文献
1