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Journal of Economic Literature: Vol. 47 No. 3 (September 2009)
JEL Volume. 47, Issue 3 | 
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JEL Forthcoming Articles
JEL Indexes (Members Only)The Economics and Law of Sovereign Debt and Default
Article Citation
Panizza, Ugo,
Federico Sturzenegger, and
Jeromin Zettelmeyer. 2009. "The Economics and Law of Sovereign Debt and Default."
Journal of Economic Literature,
47(3): 651-98.
DOI: 10.1257/jel.47.3.651
DOI: 10.1257/jel.47.3.651
Abstract
This paper surveys the recent literature on sovereign debt and relates it to the evolution
of the legal principles underlying the sovereign debt market and the experience
of the most recent debt crises and defaults. It finds limited support for theories that
explain the feasibility of sovereign debt based on either external sanctions or exclusion
from the international capital market and more support for explanations that
emphasize domestic costs of default. The paper concludes that there remains a case
for establishing institutions that reduce the cost of default but the design of such
institutions is not a trivial task.
Article Full-Text Access
Full-text Article
Authors
Panizza, Ugo (UNCTAD and Graduate Institute, Geneva)
Sturzenegger, Federico (U Torcuato di Tella and Banco Ciudad)
Zettelmeyer, Jeromin (IMF and European Bank for Reconstruction and Development)
Sturzenegger, Federico (U Torcuato di Tella and Banco Ciudad)
Zettelmeyer, Jeromin (IMF and European Bank for Reconstruction and Development)
JEL Classifications
F34: International Lending and Debt Problems
K33: International Law
O19: International Linkages to Development; Role of International Organizations
P33: Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid
K33: International Law
O19: International Linkages to Development; Role of International Organizations
P33: Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid
