| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 962978 | Journal of International Economics | 2013 | 11 Pages |
Abstract
⺠Conditional on default, we characterize the interim efficient CAC threshold. ⺠Strengthening CACs away from unanimity results in interim welfare gains. ⺠There could be a trade-off between ex ante and interim efficiency. ⺠We calibrate our model to quantify such a welfare trade-off. ⺠We discuss the policy implications of our results.
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Authors
Sayantan Ghosal, Kannika Thampanishvong,