G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9492
DP9492 Why do governments default, and why don't they default more often?
Willem Buiter; Ebrahim Rahbari
发表日期2013-05-26
出版年2013
语种英语
摘要This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ?won?t pay? rather than a ?can?t pay? phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on self-enforcement rather than on third-party enforcement. Among the social costs of sovereign default are contagion and concentration risk, both within and outside the jurisdiction of the sovereign, and ?rule of law externalities?. We consider illiquidity as a separate trigger for sovereign default and emphasize the role of lenders of last resort for the sovereign. Not only do political economy factors drive sovereign insolvency, they also influence the debt sustainability analyses performed by national and international agencies. We consider it likely that the absence of sovereign defaults in the advanced economies since the (West) German defaults of 1948 and 1953 until the Greek defaults of 2012 was a historical aberration that is unlikely to be a reliable guide to the future.
主题International Macroeconomics
关键词Fiscal sustainability Intertemporal budget constraint Political economy. Solvency Sovereign default Strategic default
URLhttps://cepr.org/publications/dp9492
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/538328
推荐引用方式
GB/T 7714
Willem Buiter,Ebrahim Rahbari. DP9492 Why do governments default, and why don't they default more often?. 2013.
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