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Sovereign Theft: Theory And Evidence About Sovereign Default And Expropriation

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Author Info
Michael Tomz ()
Mark L. J. Wright ()

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Abstract

This paper examines the relationship between default on sovereign borrowing and the expropriation of foreign direct investment in both theory and in practice.

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File URL: http://cama.anu.edu.au/Working%20Papers/Papers/2008/Tomz_Wright_72008.pdf
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Paper provided by Australian National University, Centre for Applied Macroeconomic Analysis in its series CAMA Working Papers with number 2008-07.

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Length: 67 pages
Date of creation: Mar 2008
Date of revision:
Handle: RePEc:acb:camaaa:2008-07

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  1. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 155-78, February. [Downloadable!] (restricted)
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  2. Jose Vicente Martinez and Guido Sandleris, 2008. "Is it Punishment? Sovereign Defaults and the Decline in Trade," Business School Working Papers 2008-01, Universidad Torcuato Di Tella. [Downloadable!]
  3. Cole, Harold L & Dow, James & English, William B, 1995. "Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(2), pages 365-85, May. [Downloadable!] (restricted)
    Other versions:
  4. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March. [Downloadable!] (restricted)
    Other versions:
  5. Cole, Harold L & Kehoe, Patrick J, 1998. "Models of Sovereign Debt: Partial versus General Reputations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 55-70, February.
  6. Pol Antràs & Mihir A. Desai & C. Fritz Foley, 2007. "Multinational Firms, FDI Flows and Imperfect Capital Markets," NBER Working Papers 12855, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Kenneth M. Kletzer & Brian D. Wright, 2000. "Sovereign Debt as Intertemporal Barter," American Economic Review, American Economic Association, vol. 90(3), pages 621-639, June. [Downloadable!] (restricted)
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  8. Spiegel, Mark M., 1994. "Sovereign risk exposure with potential liquidation: the performance of alternative forms of external finance," Journal of International Money and Finance, Elsevier, vol. 13(4), pages 400-414, August. [Downloadable!] (restricted)
    Other versions:
  9. Guido M. Sandleris, 2005. "Sovereign Defaults: Information, Investment and Credit," 2005 Meeting Papers 21, Society for Economic Dynamics. [Downloadable!]
  10. Fernando Broner & Alberto Martin & Jaume Ventura, 2006. "Sovereign Risk and Secondary Markets," Economics Working Papers 998, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  11. Henning Bohn & Robert T. Deacon, 2000. "Ownership Risk, Investment, and the Use of Natural Resources," American Economic Review, American Economic Association, vol. 90(3), pages 526-549, June. [Downloadable!] (restricted)
    Other versions:
  12. Wright, Mark L.J., 2006. "Private capital flows, capital controls, and default risk," Journal of International Economics, Elsevier, vol. 69(1), pages 120-149, June. [Downloadable!] (restricted)
    Other versions:
  13. Harold L. Cole & William B. English, 1992. "Direct investment: a doubtful alternative to international debt," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 12-22. [Downloadable!]
  14. Cole, Harold L. & English, William B., 1992. "Two-sided expropriation and international equity contracts," Journal of International Economics, Elsevier, vol. 33(1-2), pages 77-104, August. [Downloadable!] (restricted)
  15. Albuquerque, Rui, 2003. "The composition of international capital flows: risk sharing through foreign direct investment," Journal of International Economics, Elsevier, vol. 61(2), pages 353-383, December. [Downloadable!] (restricted)
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  16. Rose, Andrew K., 2005. "One reason countries pay their debts: renegotiation and international trade," Journal of Development Economics, Elsevier, vol. 77(1), pages 189-206, June. [Downloadable!] (restricted)
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  17. Rose, Andrew K & Spiegel, Mark, 2006. "Non-Economic Engagement and International Exchange: The Case of Environmental Treaties," CEPR Discussion Papers 5942, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  18. Thomas, Jonathan & Worrall, Tim, 1994. "Foreign Direct Investment and the Risk of Expropriation," Review of Economic Studies, Blackwell Publishing, vol. 61(1), pages 81-108, January. [Downloadable!] (restricted)
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  19. Arellano, Cristina, 2008. "Default risk and income fluctuations in emerging economies," MPRA Paper 7867, University Library of Munich, Germany. [Downloadable!]
  20. Michael Tomz & Mark L. J. Wright, 2007. "Do Countries Default in "Bad Times" ?," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 352-360, 04-05. [Downloadable!] (restricted)
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This page was last updated on 2008-9-30.

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