Sovereign borrowing, financial assistance, and debt repudiation
نویسندگان
چکیده
منابع مشابه
Financing Developing Country Debt: A Sovereign Borrowing Entity Proposal
This paper proposes the creation of a Sovereign Borrowing Entity (SBE) under the auspices of the International Monetary Fund (IMF) and other International Financial Institutions (IFIs). The SBE guarantees bond issuances by developing nations, packages them in relatively small denominations, and auctions them to the public. Should a developing debtor country fail to pay its debt, the SBE would r...
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What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor even though default costs are low because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2015
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-015-0945-0