This paper analyzes the incidence of domestic and external debt crises for a sample of 53 emerging economies between 1980 and 2005. Even though there is substantial time variation in the default rates during the period, sovereign default rates for domestic debts are typically lower than those...

This paper models the executive's choice of whether to reschedule external debt as the outcome of an intra-governmental negotiation process. The executive's necessity of a confidence vote from the legislature is found to provide the rationale for why some democracies may not renegotiate their...

This paper models the executive's choice of whether to reschedule external debt as the outcome of an intra-governmental negotiation process. The key issue the paper tries to explain is the stark difference in default rates between the group of developing countries that have presidential forms of...