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Debt is sustainable at a competitive equilibrium due solely to the reputation of debtors for repayment; that is, even absent collateral or legal sanctions available to creditors. In the presence of uninsurable risks, or in an asset market that is incomplete, when the rate of interest falls...
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Debt sustainability is fundamentally a probabilistic concept: Debt is rarely sustainable with probability one. We … propose an index of external debt sustainability that reflects this uncertainty. Namely we construct the index as the … strong measures are potentially needed to reestablish sustainability. Exchange rates that appear overvalued in the baseline …
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sustainability. Disclosure of nontraditional debt would imply significant welfare gains for the recipient countries but would reduce … its sustainability. We discuss the implications of nontraditional lending on standard assumptions of sovereign debt models …
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sustainability. Disclosure of nontraditional debt would imply significant welfare gains for the recipient countries but would reduce … its sustainability. We discuss the implications of nontraditional lending on standard assumptions of sovereign debt models …
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