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The Terms of Trade, Repudiation and Default on Sovereign Debt

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Author Info
Michael Bleaney
Abstract

A poor country with volatile export prices borrows in international markets. When debt is denominated in foreign currency, there is a temptation to repudiate when export prices are low. Excusable partial defaults reduce this temptation, and thus help to support lending.

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Paper provided by University of Nottingham, School of Economics in its series Discussion Papers with number 08/05.

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Handle: RePEc:not:notecp:08/05

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
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Related research
Keywords: debt; default; terms of trade;

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