G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16166
DP16166 The Aftermath of Sovereign Debt Crises: A Narrative Approach.
Rui Ferreira da Costa Esteves; Jason Lennard; Seán Kenny
发表日期2021-05-17
出版年2021
语种英语
摘要Default is as old as sovereign debt. Since 1820, sovereigns have spent 18% of time in a state of default. Despite the scale of the problem, the causes and consequences of defaults are still imperfectly understood. In this paper we quantify the aggregate cost of defaults, based on a sample of 50 sovereigns between 1870 and 2010. Since defaults are endogenous to the business cycle, we use the narrative approach to identify plausibly exogenous episodes. We find significant and persistent costs of defaults starting at 1.6% of GDP and peaking at 3.3% before recovering to the pre-crisis level after five years. Moreover, we identify a large heterogeneity of costs by the cause of default. Higher costs are associated with defaults initiated by negative supply shocks, political crises, or adverse terms of trade. In contrast, domestic demand shocks have a moderate effect that is quickly reversed.
主题Economic History ; International Macroeconomics and Finance
关键词Business cycles Narrative approach Sovereign default
URLhttps://cepr.org/publications/dp16166-0
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/545139
推荐引用方式
GB/T 7714
Rui Ferreira da Costa Esteves,Jason Lennard,Seán Kenny. DP16166 The Aftermath of Sovereign Debt Crises: A Narrative Approach.. 2021.
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