NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Debt Fragility and Bailouts

Russell Cooper

NBER Working Paper No. 18377
Issued in September 2012

---- Acknowledgements -----

Previously circulated as "Fragile Debt and the Credible Sharing of Strategic Uncertainty." I am grateful to Antoine Camous, Andrew Gimber and Guillermo Ordonez for many comments on a previous version of this paper, and to Hubert Kempf and Dan Peled for discussions on this topic. Comments from conference participants at the ECB "Global Sovereign Debt" workshop in June 2012 are appreciated. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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