First-best debt relief

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First-best debt relief

Menzies Gordon
URI: http://hdl.handle.net/10453/5079
Date: 2003

Abstract:

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

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