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Investment complementarities, coordination failure, and systemic bankruptcy

This paper studies systemic bankruptcy in an economy where: (i) investment complementarities exist; (ii) firms have heterogeneous information about investment returns; and (iii) firms need to finance their investments by borrowing from outside lenders. In a global game setup, I demonstrate that... Full description

1st Person: Li, Mei
Source: in Oxford Economic Papers Vol. 65, No. 4 (2013), p. 767-788
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Type of Publication: Article
Language: English
Published: 2013
Online: Volltext
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