Secondary markets for sovereign bonds are illiquid because of trading frictions. I build a
framework with endogenous illiquidity to study its implications on credit spreads and default …

Resumen en español El presente trabajo titulado “Análisis del mercado Forex bajo la acción
del precio” se desarrolló en respuesta a la problemática de comprender y analizar los …

Self-fulfilling crises are a defining feature of sovereign debt markets. We show that a self-
fulfilling crisis equilibrium creates an arbitrage opportunity. When agents beliefs' can support …