productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impulse responses …-term debt does not shield the country from bad news shocks, and it may even exacerbate default risk. Finally, an increase in the …

extensions upon restructurings: income recovery after default, credit exclusion after restructuring, and regulatory costs of book …

׳ credibility in a UK sovereign guarantee. Using Ireland׳s default on intergovernmental payments in 1932, we find a premium of about … forces behind the Irish and UK governments׳ decisions pertaining to the default. Our finding has implications for modern …

survey points to a growing role of sovereign-bank linkages, legal risks, domestic debt and default, and of official creditors … debt sustainability and default will remain acute in both developing and advanced economies. …

puzzles about sovereign default and the working out of defaults. We conclude by suggesting possible avenues for new research …

default mostly selectively. We propose a theory to rationalize these observations. A government chooses the optimal … less costly than raising taxes, but it is subject to default risk due to the government’s limited commitment. A … quantitative, calibrated model with two shocks and two debts replicates well debt-to-GDP ratios, default frequencies, cyclical …