{"title":"Manuel Amador","description":"\u003cp\u003eManuel Amador specialises in insightful works that explore complex economic themes, particularly focused on sovereign debt and default. His writing offers a rigorous analysis suitable for readers with an interest in economics, finance, and public policy.\u003c\/p\u003e\n\n\u003cp\u003eThis collection is ideal for those seeking educational and reference materials that deepen understanding of economic principles and real-world financial challenges. Expect clear, well-structured discussions framed within the broader context of economic theory and practice.\u003c\/p\u003e","products":[{"product_id":"the-economics-of-sovereign-debt-and-default-by-mark-aguiar-9780691176819","title":"The Economics of Sovereign Debt and Default","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003cstrong\u003eAn integrated approach to the economics of sovereign default\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eFiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets. They shed light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and propose sensible approaches to sovereign debt management.\u003c\/p\u003e\n\n\u003cp\u003e\u003cem\u003eThe Economics of Sovereign Debt and Default\u003c\/em\u003e looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and examines additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to \"dilute\" existing creditors, and sovereign debt's distortion of investment and growth. The book uses the tractable framework to isolate how each additional friction affects the equilibrium outcome, and illustrates its counterpart using state-of-the-art computational modeling.\u003c\/p\u003e\n\n\u003cp\u003eThe novel approach presented here contrasts the outcome of a constrained efficient allocation—one chosen to maximize the joint surplus of creditors and government—with the competitive equilibrium outcome. This allows for a clear analysis of the extent to which equilibrium prices efficiently guide the government's debt and default decisions, and of what drives divergences with the efficient outcome.\u003c\/p\u003e\n\n\u003cp\u003eProviding an integrated approach to sovereign debt and default, this incisive and authoritative book is an ideal resource for researchers and graduate students interested in this important topic.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Hachette Aotearoa New Zealand","offers":[{"title":"Default Title","offer_id":47599408742636,"sku":"9780691176819","price":94.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780691176819-the-economics-of-sovereign-debt-and-default.jpg?v=1777977112"}],"url":"https:\/\/bookhero.co.nz\/collections\/manuel-amador.oembed","provider":"Book Hero","version":"1.0","type":"link"}