| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13794 |
| 来源ID | Working Paper 13794 |
| Internal Debt Crises and Sovereign Defaults | |
| Cristina Arellano; Narayana R. Kocherlakota | |
| 发表日期 | 2008-02-12 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In this paper, we use data from developing countries to argue that sovereign defaults are often caused by fiscal pressures generated by large-scale domestic defaults. We argue that these systemic domestic defaults are caused by shocks best interpreted as being non-fundamental. We construct a model that is consistent with these observations. The key ingredient of the model is that it is impossible to liquidate large amounts of entrepreneurial assets. This restriction generates the possibility of a domestic coordinated default crisis, in which domestic borrowers find it optimal to default because all other borrowers are also defaulting. We conclude that avoiding sovereign defaults requires better internal institutions, not better external ones. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w13794 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571470 |
| 推荐引用方式 GB/T 7714 | Cristina Arellano,Narayana R. Kocherlakota. Internal Debt Crises and Sovereign Defaults. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13794.pdf（284KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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