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An application of conventional sovereign debt sustainability analysis to the current debt crises

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  • Silvio Contessi

Abstract

The developing international debt crisis has unleashed unanticipated fears that governments in some advanced economies may default on their sovereign debt and trigger a global financial tsunami. This article provides a primer on sovereign debt sustainability and interprets the recent experience of advanced economies in the light of a uniform approach that allows an answer to this question: What are the main factors that contribute to make a country’s debt sustainable or unsustainable?

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File URL: http://research.stlouisfed.org/publications/review/12/05/197-220Contessi.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2012)
Issue (Month): May ()
Pages: 197-220

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Handle: RePEc:fip:fedlrv:y:2012:i:may:p:197-220:n:v.94no.3

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Keywords: Debt ; Financial crises;

References

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  1. Martin, Fernando M. & Waller, Christopher J., 2012. "Sovereign debt: a modern Greek tragedy," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 321-340.
  2. Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
  3. Schneider, Friedrich G. & Buehn, Andreas, 2007. "Shadow economies and corruption all over the world: revised estimates for 120 countries," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(9 (Versio), pages 1-53.
  4. Nils Holinski & Clemens Kool & Joan Muysken, 2012. "Persistent macroeconomic imbalances in the Euro area: causes and consequences," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 1-20.
  5. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
  6. repec:fip:fedlar:y:2010:p:4-19 is not listed on IDEAS
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Cited by:
  1. Noeth, Bryan J. & Sengupta, Rajdeep, 2012. "Global European banks and the financial crisis," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 457-480.
  2. Christopher M. Gunn & Alok Johri, 2013. "Fear of Sovereign Default, Banks, and Expectations-Driven Business Cycles," Carleton Economic Papers 13-03, Carleton University, Department of Economics.
  3. Mthuli Ncube & Zuzana Brixiová, 2013. "Public Debt Sustainability in Africa: Building Resilience and Challenges Ahead," William Davidson Institute Working Papers Series wp1053, William Davidson Institute at the University of Michigan.

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