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On strategic default and liquidity risk
(CFAP, Cambridge Judge Business School, University of Cambridge, 2002)
How does the uncertain provision of external finance affect investment projects' default probability and liquidity risk? In this paper, I study the strategic interaction between many creditors and a single borrower in the ...
Depreciation bias, financial-sector fragility and currency risk
(CFAP, Cambridge Judge Business School, University of Cambridge, 2002)
Do expected future exchange rate fluctuations affect current social welfare? In the third-generation approach to currency crises, financial fragility can trigger devaluation and default. Expected future depreciation is ...