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First-best debt relief

Menzies, Gordon

Description

The rationale for debt relief (J. Dev. Econ. 29 (1988) 253) is second best. In a first-best ontract, a debtor who clears a (partly forgiven) debt receives an additional payment from the creditor, called a hyper-incentive .

CollectionsANU Research Publications
Date published: 2004
Type: Journal article
URI: http://hdl.handle.net/1885/81062
Source: Economics Letters
DOI: 10.1016/j.econlet.2003.07.009

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