Arraiz, Irani - Society for Economic Dynamics - SED - 2006
This paper combines default, settlement, and repayment history into a unified, dynamic borrowing model of sovereign … country in default is excluded from the international credit market, and 2) how repayment history impinges upon the credit … borrowers agree to repay. The model incorporates repayment history (i.e., the number of years a country has been active in the …