the time-path of consumption. Altruism towards parents influences incentives to default. If altruism is low, voters demand … human capital discourages investment in private and public capital. The threat of default enters as a constraint that may …

some countries in this group to default? The paper presents work of Ostry et al. which defines and measures fiscal space …, Portugal and Spain, probably still have some fiscal space. On the likelihood of default, the paper presents work by Cottarelli … of countries, while large, is not unprecedented, and in any case would not be much reduced by default. The high spreads …

, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted … countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is …

The decade and a half of litigation that followed Argentina's sovereign bond default in 2001 ended with a great … weapon limited to the aggravated facts of the Argentine default or has it now moved permanently into the creditors' arsenal …

This paper studies the interaction between fiscal commitment and sovereign default risk in a model with optimal …

crisis can exhaust country's resources forcing it to either apply for an IMF program or to default on its foreign or domestic … should avoid defaults during crises and that domestic default is the most disruptive form of default. The economic outcomes …