Serial Sovereign Defaults and Debt Restructurings

Serial Sovereign Defaults and Debt Restructurings
Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These countries actually have repeated defaults or restructurings in short periods. This paper explains these stylized facts within a dynamic... READ MORE...

Publication date: March 2016
ISBN 9781513596648
$18.00

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