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...
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| Materialtyp: | Tidskrift |
| Språk: | English |
| Publicerad: |
Washington, D.C. :
International Monetary Fund,
2008.
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| Serie: | IMF Working Papers; Working Paper ;
No. 2008/152 |
| Länkar: | Full text available on IMF |