Skip to content
Licensed Unlicensed Requires Authentication Published by De Gruyter Oldenbourg April 19, 2016

Finanzhilfen bei internationalen Verschuldungskrisen?

Eine Analyse mit Hilfe globaler Spiele

  • Dina D. Dreisbach EMAIL logo , Hans Fehr and Fabian Kindermann
From the journal Review of Economics


The present paper focuses on the trade-off between official liquidity provision and debtor moral hazard in sovereign debt problems. The financial crisis is caused by the interaction of bad fundamentals, self-fulfilling runs of private investors and optimal policies of the national government and the official lender. Building on the global games approach of Morris and Shin (2006), we extend their analysis by calculating numerical solutions for different values of fundamental and strategic uncertainty. Our results indicate that limited financial support may even strengthen government efforts and improve welfare when fundamentals are weak but not too weak. On the other hand, we are also able to identify debtor moral hazard and welfare reducing catalytic effects with stronger fundamentals.

Online erschienen: 2016-4-19
Erschienen im Druck: 2010-4-1

© 2010 by Lucius & Lucius, Stuttgart

Downloaded on 28.2.2024 from
Scroll to top button