The Economics of Sovereign Defaults

25 Pages Posted: 9 Dec 2012

See all articles by Juan Carlos Hatchondo

Juan Carlos Hatchondo

Indiana University Bloomington

Leonardo Martinez

International Monetary Fund (IMF) - IMF Institute

Horacio Sapriza

Board of Governors of the Federal Reserve System

Date Written: 2007

Abstract

This article discusses the economics of sovereign defaults, summarizing lessons from existing work on this issue. In particular, the article describes the costs associated with a sovereign default episode, identifies circumstances that are likely to lead to a default, and discusses how understanding sovereign defaults may help to account for distinctive economic features of emerging economies.

Suggested Citation

Hatchondo, Juan Carlos and Martinez, Leonardo and Sapriza, Horacio, The Economics of Sovereign Defaults (2007). FRB Richmond Economic Quarterly, vol. 93, no. 2, Spring 2007, pp. 163-187, Available at SSRN: https://ssrn.com/abstract=2186645

Juan Carlos Hatchondo (Contact Author)

Indiana University Bloomington ( email )

Dept of Biology
100 South Indiana Ave.
Bloomington, IN 47405
United States

Leonardo Martinez

International Monetary Fund (IMF) - IMF Institute ( email )

700 19 th Street NW
Washington, DC 20431
United States

HOME PAGE: http://works.bepress.com/leonardo_martinez/

Horacio Sapriza

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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