dynamically consistent interpretation. From the results of the simulations it seems that the problem that is keeping Argentina in …

substantive side, using Argentina as a test case we show that unlike one-period debt models, our model of long-term sovereign debt … Argentina over the 1991-2001 period without any deterioration in the model's ability to account for Argentina's cyclical facts …. Using our calibrated model we determine what Argentina's debt, default frequency and welfare would have been if Argentina …