We review and integrate a wide range of literature that has examined the strategies by which
organizations navigate institutionally diverse settings and capture rents outside of the …

This paper empirically examines the link between the cost of sovereign borrowing and
climate risk for 40 advanced and emerging economies. We find that vulnerability to the direct …

Why are episodes of sovereign default accompanied by deep recessions? The existing
literature cannot answer this question. On one hand, sovereign default models treat income …

Recent sovereign defaults are accompanied by interest rate spikes and deep recessions.
This paper develops a small open economy model to study default risk and its interaction …

We advance quantitative-theoretic models of sovereign debt by proving the existence of a
downward sloping equilibrium price function for long-term debt and implementing a novel …

This article reviews recent economic and legal literature on sovereign debt in light of the
COVID-19 shock. Most of the core theoretical contributions across the two disciplines hinge …

For large countries with solid tax bases and relatively favorable climates, the socialization of
climate risk may be manageable. For smaller, highly exposed island nations, it will be …

This paper extends the baseline framework used in recent quantitative studies of sovereign
default by assuming that the government can borrow using long-duration bonds. This …

We develop a closed economy model to study the interactions among sovereign risk premia,
fiscal limits, and fiscal policy. The fiscal limits, which measure the government's ability to …

In this chapter, we use a benchmark limited-commitment model to explore key issues in the
economics of sovereign debt. After highlighting conceptual issues that distinguish sovereign …