📖 The Scoop
This study highlights some mismatches between theory and experience with regard to credit rationing and loan pushing in the international debt market. It develops a model of loan pushing that addresses limitations of rationality-based theories of sovereign lending and uses triadic limitations to explain why certain norms appear in international credit markets. It uses Latin American examples to illustrate some related issues of political economy and challenges existing models as unrealistic in presenting lenders as more likely than borrowers to compete with one another and constructs a model in which lenders act monopolistically while borrowers compete. It discusses excess supply of credit in equilibrium and loan pushing and considers the scope and limitations of using extensive-form game theory in modeling the international debt market.
Genre: Business & Economics / Economic Conditions (fancy, right?)
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