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Defusing Default

Marco Pagano
Price: $ 24.95

Experts in the field comment on Defusing Default¿

¿The key to economic development is access to capital, and as this book demonstrates, the key obstacle to the creation of efficient credit markets in developing nations is a high default rate. This outstanding contribution dissects the default rate problem in a thorough manner, attacking the issue from every angle from theory to history to current institutional practice across nations. The authors and editor have brought world-class analysis to a problem of great social importance. This is a must-have reference for policymakers, economists and anyone seeking information about financial markets and economic development.¿- Allen N. Berger Senior Economist, Federal Reserve Board

¿Why is so little credit available in some countries? This book suggests that the problem stems largely from the high risk of default. Through rigorous but accessible theoretical and empirical studies by some of the best minds in the field, this volume provides a convincing picture of the factors that underlie high default rates. It is a must for policymakers who want to learn how to enhance the availability of financing in their own country from the experiences of other countries. It is also invaluable to any student of the development of financial markets.¿- Raghuram Rajan University of Chicago, Graduate School of Business

¿This thought provoking book will become a leading reference in the field of financial development. It combines theory and data to provide a collection of insightful studies that will be of wide interest.¿- Timothy Besley Professor of Economics, London School of Economics

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