| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8971 |
| DP8971 The Sovereign Default Puzzle: Modelling Issues and Lessons for Europe | |
| Daniel Cohen; Sébastien Villemot | |
| 发表日期 | 2012-05-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Why do countries default? This seemingly simple question has yet to be adequately answered in the literature. Indeed, prevailing modelling strategies compel the to choose between two unappealing model features: depending on the cost of default selected by the modeler, either the debt ratios are too high and the probability of default is too low or the opposite is true. In view of the historical evidence that countries always default after a crisis, we propose a novel approach to the theory of debt default and develop a model that matches the key stylized facts regarding sovereign risk. |
| 主题 | International Macroeconomics |
| 关键词 | Levy stochastic processes Sovereign debt |
| URL | https://cepr.org/publications/dp8971 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537823 |
| 推荐引用方式 GB/T 7714 | Daniel Cohen,Sébastien Villemot. DP8971 The Sovereign Default Puzzle: Modelling Issues and Lessons for Europe. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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