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nehectively. Households cannot borrow or save. s. can access credit markets and can decide in t = 2 to repay or default (entirely) ntret D, be the total face value of the bonds issued by the government in t = 1, to [re= 2, and q1 be the price of a bond of one dollar of face value. International credit cadeal. 1 fani contantbet din nehectively. Households cannot borrow or save. s. can access credit markets and can decide in t = 2 to repay or default (entirely) ntret D, be the total face value of the bonds issued by the government in t = 1, to [re= 2, and q1 be the price of a bond of one dollar of face value. International credit cadeal. 1 fani contantbet din