| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20042 |
| 来源ID | Working Paper 20042 |
| Systemic and Idiosyncratic Sovereign Debt Crises | |
| Graciela L. Kaminsky; Pablo Vega-García | |
| 发表日期 | 2014-04-10 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | The theoretical literature on sovereign defaults has focused on adverse shocks to debtors’ economies, suggesting that defaults are of an idiosyncratic nature. Still, sovereign debt crises are also of a systemic nature, clustered around panics in the financial center such as the European Sovereign Debt Crisis in the aftermath of the U.S. Subprime Crisis in 2008. Crises in the financial centers are rare disasters and thus, their effects on the periphery can only be captured by examining long episodes. This paper examines sovereign defaults from 1820 to the Great Depression, with a focus on Latin America. We find that 63% of the crises are of a systemic nature. These crises are different. Both the international collapse of liquidity and the growth slowdown in the financial centers are at their core. These global shocks trigger longer default spells and larger investors’ losses. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w20042 |
| 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/577716 |
| 推荐引用方式 GB/T 7714 | Graciela L. Kaminsky,Pablo Vega-García. Systemic and Idiosyncratic Sovereign Debt Crises. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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