3,904 research outputs found
Reputation spillover across relationships: reviving reputation models of debt
A traditional explanation for why sovereign governments repay debts is that they want to keep good reputations so they can easily borrow more. Bulow and Rogoff show that this argument is invalid under two conditions: (i) there is a single debt relationship, and (ii) regardless of their past actions, governments can earn the (possibly state-contingent) market rate of return by saving abroad. Bulow and Rogoff conjecture that, even under condition (ii), in more general reputation models with multiple relationships and spillover across them, reputation may support debt. This paper shows what is needed for this conjecture to be true.Debt
Reviving reputation models of international debt
A traditional explanation for why sovereign countries repay debt is that they want to keep a good reputation so they can easily borrow more. This explanation does not hold if a country has access to an adequate means of savings regardless of the country's past actions. With such access, a country gets only transient benefits from maintaining a good relationship with bankers, and such benefits cannot support borrowing. However, if a country is involved in a myriad of trust relationships, the country's reputation can spill over to a nondebt relationship which has enduring benefits. Such a spillover can allow a country's reputation to support a large amount of borrowing.International finance
Zips Precious Plastics: Plastic Extruder
This project\u27s goal was to design and build an affordable desktop filament extruder that can precisely and consistently extrude filament to a certain tolerance acceptable for 3D printers using wasted printing material. The group is partnering with an on campus organization focusing on engineering applications for sustainable futures. Zips Precious Plastics is a student run design group that intends to bring an innovation space on campus to help educate students about the importance of a closed looped system within plastic manufacturing
Freedom of Information Act and the Central Intelligence Agency\u27s Paper Chase: A Need for Congressional Action to Maintain Essential Secrecy for Intelligence Files While Preserving the Public\u27s Right to Know
The Myth of the Localism Mandate: A Historical Survey of How the FCC\u27s Actions Belie the Existence of a Governmental Obligation to Provide Local Programming
Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt
A traditional explanation for why sovereign governments repay debts is that they want to keep good reputations so they can easily borrow more. Bulow and Rogoff show that this argument is invalid under two conditions: (i) there is a single debt relationship, and (ii) regardless of their past actions, governments can earn the (possibly state-contingent) market rate of return by saving abroad. Bulow and Rogoff conjecture that, even under condition (ii), in more general reputation models with multiple relationships and spillover across them, reputation may support debt. This paper shows what is needed for this conjecture to be true.
Reputation with multiple relationships: reviving reputation models of debt
A traditional explanation for why sovereign governments repay debts is that they want to keep a good reputation so they can easily borrow more. Bulow and Rogoff have challenged this explanation. They argue that, in complete information models, government borrowing requires direct legal sanctions. We argue that, in incomplete information models with multiple trust relationships, large amounts of government borrowing can be supported by reputation alone.Debt
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