Abstract：Output dynamics and private sector access vary across sovereign debt restructurings with foreign private creditors. We compile data on sovereigns’ private sector borrowing from sovereign’ foreign creditor chair countries in 1977–2020. We find that (i) sovereigns with high private sector borrowing from sovereigns’ creditor chair countries choose a preemptive restructuring; (ii) private sector borrowing from sovereigns’ creditor chair countries declines mildly in preemptive restructurings while sharply in post-default restructurings. We build sovereign debt model with endogenous choice of preemptive and post-default renegotiations, output dynamics and private sector access. Our model quantitatively shows that the sovereign’s choice of preemptive or post-default restructuring affects differently the foreign creditor’s net worth and lending to the sovereign’s private sector, and, in turn, this results in different output dynamics. Data support theoretical predictions.

【Paper】5/1改訂版　【資料】5/16掲載　【Slide】5/17掲載

Abstract: Knowledge creation either in isolation or joint with another person, using either face to face or internet contact and incorporating internet search ability is analyzed. Both a conceptual phase and a technical phase of research are analyzed, allowing workers to choose endogenously their mode of communication. In addition to formal knowledge, tacit knowledge plays an essential role in the knowledge production process, as it is not internalized. Lead time for face to face communication plays a key role. The sink point is inefficient. Our framework is applied to pandemic restrictions on face to face communication.

関口 格 (京都大学) “Dynamic vs. Static Coordination Games: Dynamic Equilibrium Structure and Static Risk Dominance”
岩﨑 康平 (京都大学) “Money is the Root of Asset Bubbles”
渡辺 誠 (京都大学) “A model of supply chain finance”

議題：高知県の観光政策と課題（高知県、三井住友カード株式会社、京都大学経済研究所による連携事業の取組課題）