Argentina’s default in 2002. In this paper we develop a quantitative model of debt and default in a small open economy. We use …

variables suggested by theory to account for the potential endogeneity of domestic bond issuance. Notably, we do not find a …

increases in home currency foreign bond issuance was larger in countries with stable inflation and lower government debt, and in … that countries with more stable inflation and lower government debt were more likely to benefit from the opportunity to …

economic exchanges since they face the possibility that debt default might also spill over to hinder their non …

have indeed defaulted during bad times (when output was relatively low), but they have also maintained debt service in the …

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given …. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels …. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means …

Private placement debt issues are more effective than public bonds in resolving information asymmetries and controlling …