Crisis, Debt, and Default The Effects of Time Preference, Informatio
Philip Ernstberger analyses in his three essays different topics of financial pathologies. Thereby, changes in fundamentals as well as information are considered as the driving force for the behavior of speculators and investors. The first essay deals wit
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Crisis, Debt, and Default The Effects of Time Preference, Information, and Coordination
Crisis, Debt, and Default
Philip Ernstberger
Crisis, Debt, and Default The Effects of Time Preference, Information, and Coordination
Philip Ernstberger Frankfurt am Main, Deutschland Dissertation Universität Trier, Fachbereich IV, 2014
ISBN 978-3-658-13230-9 ISBN 978-3-658-13231-6 (eBook) DOI 10.1007/978-3-658-13231-6 Library of Congress Control Number: 2016935198 © Springer Fachmedien Wiesbaden 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer Gabler imprint is published by Springer Nature The registered company is Springer Fachmedien Wiesbaden GmbH
When I heard the learn’d astronomer, When the proofs, the figures, were ranged in columns before me, When I was shown the charts and diagrams, to add, divide, and measure them, When I sitting heard the astronomer where he lectured with much applause in the lecture-room, How soon unaccountable I became tired and sick, Till rising and gliding out I wander’d off by myself, In the mystical moist night-air, and from time to time, Look’d up in perfect silence at the stars. Walt Whitman 1865, Leaves of Grass
The effort of the economist is to see, to picture the interplay of economic elements. [...] The economic world is a misty region. [...] Mathematics is the lantern by which what before was dimly visible now looms up in firm, bold outlines. Irving Fisher 1892, Mathematical Investigation in the Theory of Value and Price
Contents Preface
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I. The Dynamics of Currency Crises Results from Intertemporal Optimization and Viscosity Solutions
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1. Introduction
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2. Literature 3. Model 3.1. Linear Version . . . . . . . . . . . . . . 3.2. Extended Linear Version . . . . . . . . 3.2.1. Differential Equations and Time 3.2.2. Model Dynamics . . . . . . . . 3.2.3. Optimal Behavior . . . . . . . .
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