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Debt Crises: For Whom the Bell Tolls

Author

Listed:
  • Guillermo Ordonez

    (University of Pennsylvania)

  • Daniel Neuhann

    (University of Pennsylvania)

  • Harold Cole

    (University of Pennsylvania)

Abstract

What a country has done in the past, and what other countries are doing in the present can feedback for good or for ill. We develop a model which can address hysteresis and contagion in sovereign debt markets. When a country's fundamentals change, those changes affect information acquisition about that country but also affect the allocation of investors worldwide, inducing changes in risk spreads in seemingly unrelated countries.

Suggested Citation

  • Guillermo Ordonez & Daniel Neuhann & Harold Cole, 2014. "Debt Crises: For Whom the Bell Tolls," 2014 Meeting Papers 1245, Society for Economic Dynamics.
    • Handle: RePEc:red:sed014:1245
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    Cited by:

    1. Sasha Indarte, 2017. "Contagion via Financial Intermediaries in Pre-1914 Sovereign Debt Markets," 2017 Meeting Papers 1141, Society for Economic Dynamics.

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