When is financial repression—namely, policies that force banks to hold government debt—
optimal? With commitment, such policies are never optimal because they crowd out banks' …

Sovereign debt restructurings are associated with declines in GDP, investment, bank credit,
and capital flows. The transmission channels and associated output and banking sector …

How does the presence of sovereign risk affect the conduct of public policy? To answer this
question, this paper studies optimal monetary and fiscal policy without commitment for a …

This paper explores the impact of sovereign defaults on lending countries and evaluates
government intervention policies in a dynamic infinite-horizon model. When banks in the …

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Credit-Investment
Channel - Tamon Asonuma, Page 1 Costs of Sovereign Defaults: Restructuring Strategies …

In this paper we present a quantitative framework for sovereign default. We introduce
physical capital accumulation and endogenous labor supply, optimal fiscal policy, and …

This dissertation consists of three chapters. The first chapter studies the origin of the German
labor market “miracle”. I develop a search and matching model with multi-worker firms and a …

When is financial repression, namely policies forcing banks to hold government debt,
optimal? With commitment repression is not optimal because its crowds out other productive …