A Model of Sovereign Debt in Democracies

A Model of Sovereign Debt in Democracies
This paper develops and empirically tests a political economy model of sovereign debt. The main incentive for repaying sovereign debt is to maintain access to international capital markets. However, in a democracy, one generation may choose default regardless of its consequences for future generations. An old generation with little concern for... READ MORE...

Publication date: June 2008
ISBN 9781451870107
$18.00

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