Infrequent but turbulent overt sovereign defaults on domestic creditors are a “forgotten history” in Macroeconomics. We … creditors by balancing distributional incentives v. the social value of debt for self-insurance, liquidity, and risk-sharing. A …. Calibrated to Eurozone data, the model is consistent with key long-run and debt-crisis statistics. Defaults are rare (1.2 percent …

Infrequent but turbulent overt sovereign defaults on domestic creditors are a "forgotten history" in Macroeconomics. We … creditors by balancing distributional incentives v. the social value of debt for self-insurance, liquidity, and risk-sharing. A …. Calibrated to Eurozone data, the model is consistent with key long-run and debt-crisis statistics. Defaults are rare (1.2 percent …

Infrequent but turbulent overt sovereign defaults on domestic creditors are a "forgotten history" in macroeconomics. We … creditors by balancing distributional incentives versus the social value of debt for self-insurance, liquidity, and risk …. Calibrated to Eurozone data, the model is consistent with key long-run and debt-crisis statistics. Defaults are rare (1.2 percent …

International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely …