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Cited by 5 publications
(1 citation statement)
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“…(9) Although the emphasis in the literature is on potential government failure, it is equally true that the private sector may, from a social or macroeconomic point of view, overborrow. Indeed, it is difficult to rationalise government concern for balance of payments deficits without some appeal to potential private sector failure or myopia (Holtham 1990. Allsopp, Jenkinson and O'Shaughnessy, 1990) (10) The no-bail-out rule is also intended to limit the consequences of any default by preventing 'monetisation'.…”
Section: (8)mentioning
confidence: 99%
“…(9) Although the emphasis in the literature is on potential government failure, it is equally true that the private sector may, from a social or macroeconomic point of view, overborrow. Indeed, it is difficult to rationalise government concern for balance of payments deficits without some appeal to potential private sector failure or myopia (Holtham 1990. Allsopp, Jenkinson and O'Shaughnessy, 1990) (10) The no-bail-out rule is also intended to limit the consequences of any default by preventing 'monetisation'.…”
Section: (8)mentioning
confidence: 99%