A Model of Sovereign Debt in Democracies /
This paper develops and empirically tests a political economy model of sovereign debt. The main incentive for repaying sovereign debt is to maintain access to international capital markets. However, in a democracy, one generation may choose default regardless of its consequences for future generatio...
| 1. autor: | |
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| Format: | Czasopismo |
| Język: | English |
| Wydane: |
Washington, D.C. :
International Monetary Fund,
2008.
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| Seria: | IMF Working Papers; Working Paper ;
No. 2008/152 |
| Dostęp online: | Full text available on IMF |