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

  • Silvio Contessi

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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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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  1. Fernando M. Martin & Christopher J. Waller, 2011. "Sovereign debt: a modern Greek tragedy," Annual Report, Federal Reserve Bank of St. Louis, pages 4-19.
  2. 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, pages 1-53.
  3. repec:fip:fedlar:y:2010:p:4-19 is not listed on IDEAS
  4. Reinhart, Carmen & Rogoff, Kenneth, 2008. "Las secuelas de las crisis financieras
    [The aftermath of financial crisis]
    ," MPRA Paper 13695, University Library of Munich, Germany.
  5. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
  6. Nils Holinski & Clemens J. M. 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.
  7. Imbs, Jean, 2010. "The First Global Recession in Decades," CEPR Discussion Papers 7973, C.E.P.R. Discussion Papers.
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