… sovereign debt where a sovereign government's reputation evolves over time. In the model,
a relatively impatient sovereign … cannot default, and an opportunistic type, which can default …

… I show these additions are important for the model’s performance in the sovereign debt
setting. This paper also builds on the overall quantitative sovereign default literature as well as …

… to resurrect the reputation story by arguing that a default may affect the government … a
sovereign default. The timing of government borrowing and the maturity structure of the sovereign …

THE LACK OF INSTITUTIONAL METHODS for protecting lenders’ rights in cases of
sovereign default is widely discussed in the academic literature. As conventional wisdom (supported …

… , a decision by a sovereign to validate lender expectations about debt servicing depends
on the sovereign's concern for its trustworthy reputation. A trustworthy reputation is valuable …

… default as it gains reputation by not defaulting at times of recessions. After sudden and deep
recessions, the country’s reputation … For this reason, the process of graduating from default …

… A standard explanation for why sovereign governments repay their debts is that they must
maintain a good reputation t<J easily borrow more. We show that the ability 01 reputation to …

… compares default incentives in competitive sovereign debt … loans is the permanent loss
of reputation and the loss of future … are low, and value of reputation to dictators is high, then …

… model in which sovereign debtors repay debt in order to maintain a reputation for repayment…
the debtor will suffer adverse consequences if the debtor defaults, so they continue to lend. I …

… sovereign default. Part six offers a brief conclusion stressing the importance of qualitative
methods in the study of sovereign default. … Reputation-based theories have come to represent a …