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The Economic Impact of Sovereign Defaults in Latin America 1870-2012
, 2016 Tjeerd M. Boonman
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Sovereign Debt Without Default Penalties [PDF]
SSRN Electronic Journal, 2006 Summary: We develop a theory of sovereign borrowing where default penalties are not implementable. We show that when debt is held by both domestic and foreign agents, the median voter might have an interest in serving it. Our theory has important practical implications regarding (a) the role of financial intermediaries in sovereign lending, (b) the ...
Guembel, Alexander, Sussman, Oren
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2019
This chapter begins by defining sovereign default. It proceeds to untangle several common forms of default, including unilateral and negotiated default, and default that results in principal haircuts and payment reprofiling, and offers a clear taxonomy of default, using real-world examples when needed.
Julianne Ams +3 more
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This chapter begins by defining sovereign default. It proceeds to untangle several common forms of default, including unilateral and negotiated default, and default that results in principal haircuts and payment reprofiling, and offers a clear taxonomy of default, using real-world examples when needed.
Julianne Ams +3 more
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Sovereign defaults by currency denomination
Journal of International Money and Finance, 2014This paper explores the drivers of sovereign defaults in 100 countries over the period 1996-2012. We build a new data set of sovereign defaults and find that default events on local and foreign currency bonds are equally likely. However, governments default under different economic and financial conditions depending on the currency in which bonds are ...
Jeanneret, Alexandre, Souissi, Slim
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Inflation and Sovereign Default [PDF]
IMF Staff Papers, 2000 Recent research has highlighted the role that the government budget constraint plays in determining the consumer price level. According to the fiscal approach to price determination, prices adjust so that the discounted value of future real government primary surpluses equals the current real value of public debt.
TURALAY KENC +2 more
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Sovereign Defaults and Democracy
Comparative Economic Studies, 2018This paper examines the effect of state default on political regime and shows that state defaults are associated with autocratic polity changes. Using a dataset of 105 countries from 1824 to 2004, we find that a state default leads to a statistically significant decline in the level of democracy, as measured by the Polity IV index.
Antonis Adam, Kostas Karanatsis
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2014
Chapter 3 investigates how some investors have been able to interfere with the debtor’s economic policy by insisting that measures be taken to reduce the risk of default in the short and medium term. Such interference can be direct or may be more subtle.
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Chapter 3 investigates how some investors have been able to interfere with the debtor’s economic policy by insisting that measures be taken to reduce the risk of default in the short and medium term. Such interference can be direct or may be more subtle.
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