Abstract
The rationale for debt relief (J. Dev. Econ. 29 (1988) 253) is second best. In a first-best ontract, a debtor who clears a (partly forgiven) debt receives an additional payment from the creditor, called a hyper-incentive . © 2003 Elsevier B.V. All rights reserved.
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Menzies, G. D. (2004). First-best debt relief. Economics Letters, 82(3), 301–306. https://doi.org/10.1016/j.econlet.2003.07.009
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