This paper takes a hard look at the experience with official intervention in sovereign debt crises, focusing on debt crises of the 1980s, Russia in 1998, Argentina in 2001, and Greece in 2010. Based on the track record, the authors argue that in situations where countries face a solvency...

Economic performance increasingly relies on global economic environment due to the growing importance of international trade and financial links among countries. Literature on growth spillovers shows various gains obtained by this interaction. In this context, this work aims to analyze the...