We develop a sovereign debt model with official and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of offcial funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of offcial funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

. 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 … the short to medium run, Colombia benefited from avoiding an explicit default. Specifically, we find that GDP growth 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 … the short to medium run, Colombia benefited from avoiding an explicit default. Specifically, we find that GDP growth in …

Quantitative models of sovereign debt predict that countries should default during deep recessions. However, empirical …