of its domestic and its external debt. In the model, the basic trade-off facing the authorities is to default on external …Breaches in intercreditor equity are common ground during sovereign debt restructurings. In this paper I explore … residence-based breaches by studying patterns of discrimination between residents and foreign creditors during debt …

An examination of the evolutionary stages of the debt problem in developing countries, with a discussion of how U …

This paper explores the extent to which the Mexican government's inability to roll over its debt during December 1994 … and January 1995 can be modeled as a self-fulfilling debt crisis. In the model there is a crucial interval of debt for … which the government, although it finds it optimal to repay old debt if it can sell new debt, finds it optimal to default if …

A standard explanation for why sovereign governments repay their debts is that they must maintain a good reputation to … easily borrow more. We show that the ability of reputation to support debt depends critically on the assumptions made about …

.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to …