Debt Games: Strategic Interaction in International Debt by Vinod K. Aggarwal

By Vinod K. Aggarwal

This publication explains the numerous version that has emerged through the years and throughout situations in foreign debt rescheduling prior to now 100 and seventy years. according to a singular situational idea of bargaining, Professor Aggarwal's research offers a style to infer actors' payoffs in numerous bargaining occasions to boost "debt games," that are then used to foretell negotiating results. This built-in political-economic method of examine bargaining episodes is going past basic fiscal types or basically descriptive reviews. In doing so, it contributes to overseas political and monetary thought, video game conception, and ancient learn on debt negotiations.

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84. 38 The Bank of England responded to its own problem of decreasing reserves (which had fallen from about $55 million in 1834 to under $7 million two years later)39 by raising the discount rate from 4 to 5%. In August 1836 it stopped accepting American paper. S. S. economy quickly went from bad to worse. The cotton price collapse precipitated the downfall of Southern banks that had financed the crops. These banks then suspended specie payments, causing a run on cash from March through May 1837.

First exercised its growing international financial strength. It emerged from World War I as a creditor country that enjoyed a strong demand for its goods. S. to international capital flows, American leaders failed to recognize that continuing their traditionally isolationist foreign economic policies could have serious effects abroad with repercussions at home. S. maintained a protectionist policy that did not allow other countries to service their debts through the export of goods. S. centrality in the system was such that when domestic financial speculation grew - as in the late 1920s - the internal demand for funds diverted lending that was needed internationally.

S. 84 This epoch showcases the strikingly similar timing with which nearly all debtor nations discontinued debt service in the face of the tightening capital market. The amount of time it took for these nations to reschedule their debts, as well as the nature of the agreements they eventually concluded, however, varied significantly. Bolivia, for example, did not begin to reschedule its payments until 1948, while Panama, with its close ties to the United States, was able to begin rescheduling eight years earlier.

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