AEAweb: Journal Article Full-Text Access
Note to Institutional Subscribers: If you normally access AEAweb journal content via your university or firm's subscription and receive this page, please click
here. The most likely causes of this are a recently changed IP address, a new subscription, or the renewal of a lapsed institutional subscription. This page will stop appearing on the next synchronisation of the document delivery and authentication systems.
You may also click here for pay-per-view, Athens login and other access options .
AEA Members, please click the button below to access the login form:
Panizza, Ugo,
Federico Sturzenegger, and
Jeromin Zettelmeyer. 2009. "The Economics and Law of Sovereign Debt and Default."
,
47(3): 651-98.
Show Article Details
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.
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)
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
If you are an AEA member and do not have an AEAweb login, please
click here.
If you would like to become an AEA member, please see our
membership page.
If you arrived at this page via a journal article link, you will be redirected to the pdf after successful login.
If your first login attempt fails, and you have recently signed up for access or have recently changed your password, you may need to wait a few moments and try again.
Please contact us at
notify@aeaweb.org with any problems or questions.
Contents of Current Issues
June 2013 AER
Spring 2013 JEP
May 2013 AEJ: Policy
May 2013 AEJ: Micro
April 2013 AEJ: Macro
April 2013 AEJ: Applied
March 2013 JEL
Virtual Field Journals
In the News:
The Huffington Post reports on a study addressing the influence of lifestyle factors on shrinking height in the elderly published in the April issue of AEJ: Applied Economics.
Michael Frakes' (Cornell Law School) article on medical liability standards from the February issue of the American Economic Review was discussed as part of a Bloomberg opinion piece on medical malpractice.
Slate Magazine recently discussed former AEA president, George Akerlof's classic behavioral research and a 2012 American Economic Review study conducted by German and Swiss researchers to explore how gifting can motivate some employees more than cash incentives do in the workplace.
Contact Us
