Pescatori, Andrea; Sy, Amadou N R - In: IMF Staff Papers 54 (2007) 2, pp. 306-337
Crises on external sovereign debt are typically defined as defaults. Such a definition adequately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining defaults as debt crises is problematic for the 1990s, when sovereign bond markets...