NBER WORKING PAPER SERIES HOLDOUTS IN SOVEREIGN DEBT RESTRUCTURING: A THEORY OF NEGOTIATION IN A WEAK CONTRACTUAL ENVIRONMENT Rohan Pitchford Mark L. J. Wright Working Paper 16632 http://www.nber.org/papers/w16632 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge‚ MA 02138 December 2010 While all errors are our own‚ we thank Rui Esteves‚ Daniel Klerman‚ Lee Ohanian‚ Christoph Trebesch‚ the editor‚ three anonymous referees‚ and numerous seminar participants for comments
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War‚ Republicans in Congress enacted some of the most forward-looking legislation in American history‚ but they have made no progress recently. Republicans shut down the government and held national health care hostage. They aren’t raising the U.S. debt ceiling until they get what they want and thus shutting down the government. The shutdown cost us millions of dollars in revenue. Republicans are holding the government hostage to get what they want‚ but even they don’t know what they want (Hertzberg)
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A Collateralized Debt Obligation or CDO is (according to The Big Short) a lumping together of many different loans into one big loan. And the market crashed in 2008 primarily because many of these CDOs were full of loans that should have been rated poorly‚ but due to a combination of greed‚ stupidity‚ and fear‚ the CDOs were rated at the highest possible rating‚ a AAA. Think of The Big Short as a CDO. It is a mixture of ideas from lots of better movies‚ all lumped together‚ and it desperately wants
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Are You What You Buy? As a society we are embedded in a culture of consumption. Consumerism brings out a passion in people to have things‚ be it objects or services that will make them feel better. This "passion" becomes a powerful force that makes people make some unwise decisions in their life. The money consumers spend on these goods could be going to the ever-surmounting needs for health care‚ poverty help‚ or other things that would help the society as a whole. This is why America is the
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Appendix 5.7 Samsung 5.8 Fortune oil 5.9 The Economic Times 5. Reference Page-2 1. Question2 (a) Critically discuss and analyse the phenomenon of compulsive shopping‚ with a particular focus on the rise of consumerism and the role marketing plays 1.1 Introduction What is compulsive shopping? An Addictive and compulsive buying is all about the physiological and/or psychological dependency on purchasing product or services. It is an addictive experience
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The United States of America’s government spending is rising‚ deficit is persistent‚ thus the federal debt reached alarming level during recent years. Endlessly skyrocketing the amount of debt in United States of America has been a huge concern to government and citizens. I interviewed two U.S. citizens for their opinions on government spending and national debt so to get different perspectives on this matter. They are Miss. Simpson‚ the History and Economics teacher at Ocean View Christian Academy
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happier the will be.” (Zimmerman) Supporting Zimmerman’s claim is Vance Packard‚ author of The Waste Makers. In a book The Waste Makers‚ Packard states that “planned obsolescence” (Packard) is “the systematic attempt of business to make us wasteful‚ debt-ridden‚ permanently discontented individuals” (Packard) and his claim seems to be more accurate as time goes
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10.3: Deficits‚ Surpluses‚ and the National Debt I. From Deficits to Debt A. Predicting the Deficit- What factors affect the accuracy of the deficit projection? -The way expenditures are reported and changes in the economy B. Deficits Add to the Debt- What is the only way the annual budget can lower the federal debt? -By generating surplus C. A Growing Public Debt- Why do most economists tend to disregard trust fund balances? - Because trust fund balances represent money the government
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2010–present government debt crisis Main article: Greek government debt crisis Greek government debt levels between 1999 and 2010. By the end of 2009‚ as a result of a combination of international and local factors (respectively‚ the world financial crisis and uncontrolled government spending)‚ the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit from a prediction of 3.7% in early 2009 and 6% in September 2009
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National debt ceiling 101: Is a crisis looming? The Christian Science Monitor‚ Mark Trumbull‚ March 8‚ 2011‚ CSMonitor.com In this article‚ Mark Trumbull‚ a staff writer for The Christian Science Monitor‚ points out several different areas that the USA‘s National Debt crisis effects. Trumbull asks nine different questions about the debt crisis and then answer’s them as best as possible. His effort is to bring the words of this huge political battle from a high scope to the reading level of the
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