Debt Games: Strategic Interaction in International Debt Rescheduling

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Based on a novel theory of bargaining, this study provides a method to deduce actors' payoffs in bargaining situations and develop debt games, used in predicting negotiating outcomes. It contributes to international political and economic theory, game theory, and debt negotiations research.
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Editorial Reviews

From the Publisher
"Combining rich historical detail with an innovative and broad ranging application of game theory, Aggarwal has brought penetrating new insight to the old issue of international debt negotiation. Nowhere will a reader find a more rewarding analysis of the strategic interaction between troubled debtors and their creditors. This is must reading for anyone interested in the complexities of international bargaining." Benjamin J. Cohen, University of California, Santa Barbara

"Aggarwal's Debt Games provides an ambitious mapping of the empirical reality of international debt rescheduling into simple normal game models. His 'situational theory' goes well beyond standard case study methods through a greater specificity that allows him to achieve an impressive level of postdiction over a wide range of cases using only a few simple assumptions. And his candor about the limits of the assumptions and his predictions is both refreshing and illuminating. The result is an analysis that pioneers an innovative strategy for combining theory and evidence while helping us better understand debt rescheduling." Duncan Snidal, The University of Chicago

"Debt Games is an ambitious and enlightening study of debt negotiations involving Latin American countries over a period of more than 150 years. Vinod Aggarwal systematically uses a strategic interaction model as the basis for a comparative analysis of debt negotiations, drawing on a vast range of empirical material to understand the sources of strategies. Debt Games will be rewarding reading for students of international and comparative political economy." Robert O. Keohane, Harvard University

"It is well balanced, with a nice mix of abstract concepts, real world indicators, and empirical richness that goes beyond illustrative case studies. I have no doubt that one could make a different set of trade-offs between theoretical complexity and empirical applicability. But this impressive book should serve as a useful banchmark for years to come. Scholars and graduate students alike will find it to be a valuable source of modeling ideas that goes well beyond the examination of international debt rescheduling." Cedric Dupont, American political review

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Product Details

  • ISBN-13: 9780521352024
  • Publisher: Cambridge University Press
  • Publication date: 6/28/2003
  • Pages: 632
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.57 (d)

Table of Contents

Overview 1
1 Examining the importance of epochs 15
2 Debt games and play: toward a model of debt rescheduling 44
3 A situational theory of payoffs and intervention decisions 61
4 A theory of situational change 84
5 The intersection of high and low politics: Mexican debt rescheduling, 1824-1867 101
6 Guano makes the world go 'round: Peruvian debt rescheduling, 1823-1850s 138
7 From stability to chaos: Mexican debt rescheduling, 1867-1914 163
8 To the victor go the spoils and headaches: Peruvian debt rescheduling, 1875-1900s 197
9 Riding on the storm: Mexican debt rescheduling, 1916-1942 237
10 Years of false hope: Peruvian debt negotiations, 1930-1953 287
11 The good guys get tired: Mexican debt rescheduling in the 1980s and 1990s 333
12 The politics of confrontation: Peruvian debt rescheduling in the 1980s and 1990s 376
13 Collision course: Argentine debt rescheduling in the 1980s and 1990s 409
14 The search for independence: Brazilian debt rescheduling in the 1980s and 1990s 457
15 Findings and avenues for future research 517
Appendix 561
Bibliography 573
Index 603
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