. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival … research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia … document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in …

. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival … research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia … document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in …

. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival … research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia … document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in …

. Colombia is typically regarded as the only large Latin American country that did not default in the 1980s. Using archival … research and formal econometric estimates of Colombia's probability of default, we show that in the early 1980s Colombia … document that the different path chosen by Colombia was due to the authorities' belief that maintaining a good reputation in …

benchmark model of sovereign default and direct creditor sanctions by Obstfeld and Rogoff (1996). In their model it is in the … enhances the credibility of the country's promise to repay and prevents default altogether. We incorporate two key features of …