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Sovereign Debt

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Author Info
Jonathan Eaton
Raquel Fernandez

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Abstract

We review the literature on sovereign debt. We organize our survey around three central questions: (1) Why do sovereign debtors ever repay their debts? (2) What burdens, in the form of distortions and inefficiencies, does sovereign debt impose? and (3) How might debt be restructured to reduce these burdens? In grappling with the first question the literature has pointed to, and argued about, the roles of reputation, punishments, rewards, and renegotiation. In addressing the second the literature has asked whether sovereign debtors tend to borrow too much or to little, and how debt can distort the domestic economy. Answers to the third question include measures by creditors, by debtors, and by public institutions to reduce debt burdens.

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Publisher Info
Paper provided by Boston University, Institute for Economic Development in its series Boston University - Institute for Economic Development with number 59.

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Date of creation: May 1995
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Handle: RePEc:fth:bosecd:59

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  7. Worrall, Tim, 1990. "Debt with potential repudiation," European Economic Review, Elsevier, vol. 34(5), pages 1099-1109, July. [Downloadable!] (restricted)
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  11. Eaton, Jonathan, 1990. "Debt Relief and the International Enforcement of Loan Contracts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 43-56, Winter. [Downloadable!] (restricted)
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  23. Sankarshan Acharya, 1991. "Debt buybacks signal sovereign countries' creditworthiness: theory and tests," Finance and Economics Discussion Series 180, Board of Governors of the Federal Reserve System (U.S.).
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  28. Diwan, Ishac & Kletzer, Kenneth, 1992. "Voluntary Choices in Concerted Deals: The Menu Approach to Debt Reduction in Developing Countries," World Bank Economic Review, Oxford University Press, vol. 6(1), pages 91-108, January.
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  31. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January. [Downloadable!] (restricted)
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  35. Cohen Daniel, 1992. "Debt crisis (the) : a post mortem," CEPREMAP Working Papers (Couverture Orange) 9204, CEPREMAP.
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  37. Demirguc-Kunt, Asli & Detragiache, Enrica, 1992. "Interest rates, official lending, and the debt crisis : a reassessment," Policy Research Working Paper Series 932, The World Bank. [Downloadable!]
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  38. Kletzer, Kenneth M, 1984. "Asymmetries of Information and LDC Borrowing with Sovereign Risk," Economic Journal, Royal Economic Society, vol. 94(374), pages 287-307, June. [Downloadable!] (restricted)
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  48. Raquel Fernandez & Sule Ozler, 1991. "Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis," NBER Working Papers 3654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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