possibility of a domestic coordinated default crisis, in which domestic borrowers find it optimal to default because all other …

can nevertheless commit credibly to service external debt. They do not default when debt is low because they would lose … access to debt markets and be forced to reduce spending; they do not default as debt builds up, and net new borrowing becomes … difficult, because of the adverse consequences from default to the domestic financial sector. More myopic governments default …

This paper presents a theoretical model to describe the effects of default risk on international lending to LDC …

a model of sovereign default and oil extraction consistent with these observations. The sovereign manages oil reserves … strategically to make default less painful by altering the value of autarky, and hence its sustainable debt falls. All else equal …, default is less likely in states in which reserves or oil prices are higher, or non-oil GDP is lower, but the equilibrium …

of the default crisis have stressed the causal role of the depression that began with the Panic of 1837, unexpected … debts in default in 1842 were contracted after the Panic of 1837; most states did not expect canal investments to return … state borrowing and the default experience of western and southern states. Pennsylvania and Maryland defaulted because they …

country's default and inflation history. Debt intolerance is linked to the phenomenon of serial default that has plagued many …