This paper surveys the recent literature on sovereign debt and relates it to the evolution of
the legal principles underlying the sovereign debt market and the experience of the most …

This paper empirically evaluates four types of costs that may result from an international
sovereign default: reputational costs, international trade exclusion costs, costs to the …

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 …

This paper surveys the literature on sovereign debt from the perspective of understanding
how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe …

The objective of this paper is to analyze the concept and determinants of" sovereign risk"
and the role of the credit risk rating agencies which serve internationally as the main …

We extend the model used in recent quantitative studies of sovereign default, allowing
policymakers of different types to stochastically alternate in power. We show that a default …

Analyzing Fiscal Sustainability Page 1 Working Paper/Document de travail 2013-27 Analyzing
Fiscal Sustainability by Huixin Bi and Eric M. Leeper Page 2 2 Bank of Canada Working Paper …

In this article, we study the interplay between political factors and default decisions. First, we
survey two branches of theoretical studies. One shows that governments may be willing to …

In this paper, we study how income inequality matters for government borrowing and default
decisions. We extend a standard endogenous sovereign debt default model to allow for …