Rand兰德：一个国家与国际贷款人之间的债务危机是一个两期博弈（英文版）

A two-period game between a country and an international lender is developed. In each period the country can repay debt, borrow from international credit markets, loan from an international lender, or default. The international lender can approve or deny the loan. The risk averse country maximizes a time-discounted utility incorporating its consumption. The international lender maximizes a time-discounted utility which values the country’s consumption growth positively, and the debt-to-endowment