of its domestic and its external debt. In the model, the basic trade-off facing the authorities is to default on external …Breaches in intercreditor equity are common ground during sovereign debt restructurings. In this paper I explore … residence-based breaches by studying patterns of discrimination between residents and foreign creditors during debt …

This paper explores the extent to which the Mexican government's inability to roll over its debt during December 1994 … and January 1995 can be modeled as a self-fulfilling debt crisis. In the model there is a crucial interval of debt for … which the government, although it finds it optimal to repay old debt if it can sell new debt, finds it optimal to default if …

A standard explanation for why sovereign governments repay their debts is that they must maintain a good reputation to … easily borrow more. We show that the ability of reputation to support debt depends critically on the assumptions made about …

.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to …

This paper discusses the problems of international debt from the point of the of the evolution of U.S. policy. The … first section presents a brief historical review of the international debt problems of the 1980s. The next section examines … on the prospects for the debt problems are presented. …

periods when their current account deficits have narrowed. Such studies identified systematic aspects of external adjustment ….S. external imbalance. In contrast, this paper focuses in depth on the historical experience of external adjustment in the United … periods of external adjustment is remarkably similar to the foreign experience. Finally, we also examine the performance of …

analyze the historical paths of external debts in these countries. Then, under fairly conventional baseline specifications …An analytic and accounting framework is presented for examining the evolution of the external positions of eight …, and assuming that no other relevant factors change significantly, projections for the debt-export ratios in these eight …