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DTSTART;TZID=Europe/Helsinki:20190517T124500
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DTSTAMP:20260404T134354
CREATED:20190508T103949Z
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UID:3235-1558097100-1558101600@economia.uc3m.es
SUMMARY:Is Inflation Default? The Role of Information in Debt Crises
DESCRIPTION:Carlo Galli.\n(UCL).\n  \nIs Inflation Default? The Role of Information in Debt Crises.\nAbstract:\nWe study the information sensitivity of government debt denominated in domestic vs. foreign currency: the former is subject to inflation risk and the latter to default. Default only affects sophisticated bond traders\, whereas inflation concerns a larger and less informed group. Within a two-period Bayesian trading game\, differential information manifests itself in the secondary market\, and we display conditions under which debt prices are more resilient to bad news even in the primary market\, where only sophisticated players operate. Our results can explain debt prices across countries following the 2008 financial crisis\, and also provide a theory of «original sin.»
URL:https://economia.uc3m.es/event/is-inflation-default-the-role-of-information-in-debt-crises/
CATEGORIES:Seminario de Enter
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