Essays on international macroeconomics: debt in emerging and developed economies

Kushwah, Lovleen Singh

Publication:
Essays on international macroeconomics: debt in emerging and developed economies

dc.contributor.advisor	Erosa, Andrés	es
dc.contributor.advisor	Ortigueira, Salvador	es
dc.contributor.author	Kushwah, Lovleen Singh
dc.contributor.departamento	UC3M. Departamento de Economía	es
dc.date.accessioned	2017-11-14T11:17:23Z
dc.date.available	2017-11-14T11:17:23Z
dc.date.issued	2017-10-10
dc.date.submitted	2017-09-15
dc.description.abstract	We develop a simple model of borrowing and lending within the monetary union. We characterize the default decision of the borrowing country and explore the impact that the monetary union has on the amount of borrowing, the rate of interest and the default probability. The key assumptions of the modelling strategy are that in the monetary union, the lender is risk averse with monopoly power rather than risk neutral with perfect competition. We find that the borrowing member country of the monetary union borrows more at cheaper cost vis-a-vis a standalone borrowing country. Further, we find that forming a monetary union with high initial income disparity between the member countries leads to more and cheaper borrowing and higher default probabilities.	en
dc.description.degree	Programa Oficial de Doctorado en Economía	es
dc.description.responsability	Presidente: Sayantan Ghosal.- Secretario: Hernán Daniel Seoane Bernadaz.- Vocal: José María da Rocha	es
dc.format.mimetype	application/pdf
dc.identifier.uri	https://hdl.handle.net/10016/25545
dc.language.iso	eng
dc.rights	Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRights	open access
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/es/	en
dc.subject.eciencia	Economía	es
dc.subject.other	Deuda pública	es
dc.subject.other	Macroeconomía	es
dc.subject.other	Economía internacional	es
dc.subject.other	Países en desarrollo	es
dc.title	Essays on international macroeconomics: debt in emerging and developed economies	en
dc.type	doctoral thesis	*
dspace.entity.type	Publication