Sovereign Default Reading List
Compiled by Gabriel Mihalache
This is a reading list I compiled in January 2020 for my second year graduate class, ECO 613
Computational Macroeconomics. The focus is on "quantitative-theoretic" models and relevant data
work. Suggestions and edits are welcome! Lightly updated February 2021.
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Benchmark Models and Theory
- Eaton, J., & Gersovitz, M. (1981). Debt with Potential Repudiation: Theoretical and Empirical Analysis. The Review of Economic Studies, 48(2), 289-309. Retrieved from www.jstor.org/stable/2296886
- Cole, H., & Kehoe, T. (2000). Self-Fulfilling Debt Crises. The Review of Economic Studies, 67(1), 91-116. Retrieved from www.jstor.org/stable/2567030
- Aguiar, Mark & Gopinath, Gita, 2006. "Defaultable debt, interest rates and the current account," Journal of International Economics, Elsevier, vol. 69(1), pages 64-83, June. https://doi.org/10.1016/j.jinteco.2005.05.005
- Arellano, Cristina. 2008. "Default Risk and Income Fluctuations in Emerging Economies." American Economic Review, 98 (3): 690-712. DOI: 10.1257/aer.98.3.690
- Chatterjee, Satyajit, and Burcu Eyigungor. 2012. "Maturity, Indebtedness, and Default Risk." American Economic Review, 102 (6): 2674-99. DOI: 10.1257/aer.102.6.2674
- Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 21, pages 1697-1755, Elsevier.
- Auclert, Adrien & Rognlie, Matthew, 2016. "Unique equilibrium in the Eaton–Gersovitz model of sovereign debt," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 134-146. https://doi.org/10.1016/j.jmoneco.2016.10.013
- Mark Aguiar, Manuel Amador, A contraction for sovereign debt models, Journal of Economic Theory, Volume 183, 2019, Pages 842-875, ISSN 0022-0531, https://doi.org/10.1016/j.jet.2019.08.005
- Lorenzoni, Guido, and Iván Werning. 2019. "Slow Moving Debt Crises." American Economic Review, 109 (9): 3229-63. https://www.aeaweb.org/articles?id=10.1257/aer.20141766"
- Alex Pienkowski, Kenneth Rogoff, S. Ali Abbas. 2019. "Sovereign Debt: A Guide for Economists and Practitioners." OUP https://www.google.com/books/edition/Sovereign_Debt/3uNixgEACAAJ?hl=en
Evidence
- Neumeyer, Pablo A. & Perri, Fabrizio, 2005. "Business cycles in emerging economies: the role of interest rates," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 345-380, March. https://doi.org/10.1016/j.jmoneco.2004.04.011
- Gelos, R. Gaston & Sahay, Ratna & Sandleris, Guido, 2011. "Sovereign borrowing by developing countries: What determines market access?," Journal of International Economics, Elsevier, vol. 83(2), pages 243-254, March. https://doi.org/10.1016/j.jinteco.2010.11.007
- Michael Tomz & Mark L.J. Wright, 2013. "Empirical Research on Sovereign Debt and Default," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 247-272, May. https://doi.org/10.1146/annurev-economics-061109-080443
- Cruces, J., & Trebesch, C. (2013). Sovereign Defaults: The Price of Haircuts. American Economic Journal: Macroeconomics, 5(3), 85-117. Retrieved from www.jstor.org/stable/43189553
- Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2014. "Sovereigns, Upstream Capital Flows, And Global Imbalances," Journal of the European Economic Association, European Economic Association, vol. 12(5), pages 1240-1284, October. http://hdl.handle.net/10.1111/jeea.12106
- Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 21, pages 1697-1755, Elsevier.
- Carmen M. Reinhart & Christoph Trebesch, 2016. "Sovereign Debt Relief and Its Aftermath," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 215-251. http://hdl.handle.net/10.1111/jeea.12166
- Wenxin Du & Jesse Schreger, 2016. "Local Currency Sovereign Risk," Journal of Finance, American Finance Association, vol. 71(3), pages 1027-1070, June. http://hdl.handle.net/10.1111/jofi.2016.71.issue-3
- Chamon, Marcos & Schumacher, Julian & Trebesch, Christoph, 2018. "Foreign-law bonds: Can they reduce sovereign borrowing costs?," Journal of International Economics, Elsevier, vol. 114(C), pages 164-179. https://doi.org/10.1016/j.jinteco.2018.06.004
- Gong Cheng & Javier Diaz-Cassou & Aitor Erce, 2019. "The macroeconomic effects of official debt restructuring: evidence from the Paris Club," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 344-363. http://hdl.handle.net/10.1093/oep/gpy032
- Josefin Meyer & Carmen M. Reinhart & Christoph Trebesch, 2019. "Sovereign Bonds since Waterloo," working paper
- Matthias Schlegl & Christoph Trebesch & Mark L.J. Wright, 2019. "The Seniority Structure of Sovereign Debt," working paper
- Kris James Mitchener & Christoph Trebesch, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," working paper
Investment and Production
- Enrique G. Mendoza & Vivian Z. Yue, 2012. "A General Equilibrium Model of Sovereign Default and Business Cycles," The Quarterly Journal of Economics, Oxford University Press, vol. 127(2), pages 889-946. http://hdl.handle.net/10.1093/qje/qjs009
- Park, JungJae, 2017. "Sovereign default and capital accumulation," Journal of International Economics, Elsevier, vol. 106(C), pages 119-133. https://doi.org/10.1016/j.jinteco.2017.02.004
- Grey Gordon & Pablo Guerron-Quintana, 2018. "Dynamics of Investment, Debt, and Default," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 71-95, April. https://doi.org/10.1016/j.red.2017.07.007
- Arellano, Cristina & Bai, Yan & Mihalache, Gabriel, 2018. "Default risk, sectoral reallocation, and persistent recessions," Journal of International Economics, Elsevier, vol. 112(C), pages 182-199. https://doi.org/10.1016/j.jinteco.2018.01.004
- George Alessandria & Minjie Deng & Yan Bai, 2020. "Sovereign Default Risk and Migration," Journal of Monetary Economics, Elsevier, https://doi.org/10.1016/j.jmoneco.2020.04.007
- Zhigang Feng & Manuel Santos, 2019, "Sovereign Default, TFP, Fiscal and Financial Frictions," working paper
Long-Term Debt, Reserves, and Maturity Choice
- Hatchondo, Juan Carlos & Martinez, Leonardo, 2009. "Long-duration bonds and sovereign defaults," Journal of International Economics, Elsevier, vol. 79(1), pages 117-125, September. https://doi.org/10.1016/j.jinteco.2009.07.002
- Alfaro, Laura & Kanczuk, Fabio, 2009. "Optimal reserve management and sovereign debt," Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February. https://doi.org/10.1016/j.jinteco.2008.09.005
- Chatterjee, Satyajit, and Burcu Eyigungor. 2012. "Maturity, Indebtedness, and Default Risk." American Economic Review, 102 (6): 2674-99. DOI: 10.1257/aer.102.6.2674
- Arellano, C., & Ramanarayanan, A. (2012). Default and the Maturity Structure in Sovereign Bonds. Journal of Political Economy, 120(2), 187-232. doi:10.1086/666589
- Tavares, Tiago, 2015. "The Role of International Reserves in Sovereign Debt Restructuring under Fiscal Adjustment," working paper
- Juan Carlos Hatchondo & Leonardo Martinez & César Sosa-Padilla, 2016. "Debt Dilution and Sovereign Default Risk," Journal of Political Economy, University of Chicago Press, vol. 124(5), pages 1383-1422. http://dx.doi.org/10.1086/688081
- Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2018. "International Reserves and Rollover Risk," American Economic Review, American Economic Association, vol. 108(9), pages 2629-2670, September. https://www.aeaweb.org/doi/10.1257/aer.20140443
- Sánchez, Juan M. & Sapriza, Horacio & Yurdagul, Emircan, 2018. "Sovereign default and maturity choice," Journal of Monetary Economics, Elsevier, vol. 95(C), pages 72-85. https://doi.org/10.1016/j.jmoneco.2018.01.001
- Mark Aguiar & Manuel Amador & Hugo Hopenhayn & Iván Werning, 2019. "Take the Short Route: Equilibrium Default and Debt Maturity," Econometrica, Econometric Society, vol. 87(2), pages 423-462, March. https://doi.org/10.3982/ECTA14806
- Bocola, Luigi, and Alessandro Dovis. 2019. "Self-Fulfilling Debt Crises: A Quantitative Analysis." American Economic Review, 109 (12): 4343-77. https://www.aeaweb.org/articles?id=10.1257/aer.20161471
- Gabriel Mihalache, 2020. "Sovereign Default Resolution Through Maturity Extension," Journal of International Economics, 125C. https://doi.org/10.1016/j.jinteco.2020.103326
Self-fulfilling Crises and Multiplicity
- Calvo, G. (1988). Servicing the Public Debt: The Role of Expectations. The American Economic Review, 78(4), 647-661. Retrieved from www.jstor.org/stable/1811165
- Cole, H., & Kehoe, T. (2000). Self-Fulfilling Debt Crises. The Review of Economic Studies, 67(1), 91-116. Retrieved from www.jstor.org/stable/2567030
- Conesa, J.C., Kehoe, T.J. Gambling for redemption and self-fulfilling debt crises. Econ Theory 64, 707–740 (2017) doi:10.1007/s00199-017-1085-5 https://doi.org/10.1007/s00199-017-1085-5
- Mark Aguiar & Satyajit Chatterjee & Harold Cole & Zachary Stangebye, 2017, "Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal," working paper
- Bocola, Luigi, and Alessandro Dovis. 2019. "Self-Fulfilling Debt Crises: A Quantitative Analysis." American Economic Review, 109 (12): 4343-77. https://www.aeaweb.org/articles?id=10.1257/aer.20161471
- Lorenzoni, Guido, and Iván Werning. 2019. "Slow Moving Debt Crises." American Economic Review, 109 (9): 3229-63. https://www.aeaweb.org/articles?id=10.1257/aer.20141766"
- Mark Aguiar & Manuel Amador, 2019. "Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models," working paper
- Zachary R. Stangebye, 2019, "Beliefs and Long-Maturity Sovereign Debt," working paper
Recovery, Renegotiation, and Haircuts
- Yue, Vivian Z., 2010. "Sovereign default and debt renegotiation," Journal of International Economics, Elsevier, vol. 80(2), pages 176-187, March. https://doi.org/10.1016/j.jinteco.2009.11.004
- Rohan Pitchford & Mark L. J. Wright, 2012. "Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment," Review of Economic Studies, Oxford University Press, vol. 79(2), pages 812-837. www.jstor.org/stable/23261351
- Hatchondo, Juan Carlos & Martinez, Leonardo & Sosa Padilla, César, 2014. "Voluntary sovereign debt exchanges," Journal of Monetary Economics, Elsevier, vol. 61(C), pages 32-50. https://doi.org/10.1016/j.jmoneco.2013.11.002
- Cristina Arellano & Yan Bai & Sandra Lizarazo, 2017. "Sovereign Risk Contagion," working paper
- Cristina Arellano & Xavier Mateos-Planas & Jose-Victor Rios-Rull, 2019. "Partial Default," working paper
- Tamon Asonuma & Hyungseok Joo, 2019. "Sovereign Debt Restructurings: Delays in Renegotiations and Risk Averse Creditors," working paper
- Juan M. Sanchez & Maximiliano Dvorkin & Emircan Yurdagul & Horacio Sapriza, 2019, "Sovereign Debt Restructurings," working paper
- Xiaohan Wang, 2019, "Renegotiation After Sovereign Default: Bygones No Longer," working paper
- Gabriel Mihalache, 2020. "Sovereign Default Resolution Through Maturity Extension," Journal of International Economics, 125C. https://doi.org/10.1016/j.jinteco.2020.103326
- Tamon Asonuma & Dirk Niepelt & Romain Ranciere, 2020, "Sovereign Bond Prices, Haircuts and Maturity," working paper
- Juan C. Hatchondo & Leonardo Martinez & Cesar Sosa-Padilla, 2020. "Sovereign Debt Standstills," working paper
Monetary Models
- Giancarlo Corsetti & Luca Dedola, 2016. "The Mystery Of The Printing Press: Monetary Policy And Self-Fulfilling Debt Crises," Journal of the European Economic Association, European Economic Association, vol. 14(6), pages 1329-1371, December. http://hdl.handle.net/10.1111/jeea.12184
- Na, Seunghoon, Stephanie Schmitt-Grohé, Martín Uribe, and Vivian Yue. 2018. "The Twin Ds: Optimal Default and Devaluation." American Economic Review, 108 (7): 1773-1819. https://www.aeaweb.org/articles?id=10.1257/aer.20141558
- Fabrizio Perri & Sewon Hur & Illenin O. Kondo, 2018. "Real Interest Rates, Inflation, and Default," working paper
- Bacchetta, Philippe & Perazzi, Elena & van Wincoop, Eric, 2018. "Self-fulfilling debt crises: What can monetary policy do?," Journal of International Economics, Elsevier, vol. 110(C), pages 119-134. https://doi.org/10.1016/j.jinteco.2017.11.004
- Pablo Ottonello & Diego J. Perez, 2019. "The Currency Composition of Sovereign Debt," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(3), pages 174-208, July. https://www.aeaweb.org/doi/10.1257/mac.20180019
- Jorge Mondragon & Javier Bianchi, 2018. "Monetary Independence and Rollover
Crises," working paper
- Galo Nuño & Carlos Thomas, 2019. "Monetary Policy and Sovereign Debt Sustainability," working paper
- Cristina Arellano & Yan Bai & Gabriel Mihalache, 2020. "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," working paper
Lenders, Global Factors
- Borri, Nicola and Verdelhan, Adrien, Sovereign Risk Premia (September 14, 2011). working paper
- Lizarazo, Sandra Valentina, 2013. "Default risk and risk averse international investors," Journal of International Economics, Elsevier, vol. 89(2), pages 317-330. https://doi.org/10.1016/j.jinteco.2012.08.006
- Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 21, pages 1697-1755, Elsevier.
- Francis A. Longstaff & Jun Pan & Lasse H. Pedersen & Kenneth J. Singleton, 2011. "How Sovereign Is Sovereign Credit Risk?," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(2), pages 75-103, April. https://www.aeaweb.org/articles?id=10.1257/mac.3.2.75
- Yan Bai & Fabrizio Perri & Patrick Kehoe, 2019. "World financial cycles," working paper
- Juan Morelli & Diego Perez & Pablo Ottonello, 2019. "Global Banks and Systemic Debt Crises," working paper
Secondary Markets
- Jeremy Bulow & Kenneth Rogoff, 1988. "The Buyback Boondoggle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(2), pages 675-704.
- Fernando Broner & Alberto Martin & Jaume Ventura, 2010. "Sovereign Risk and Secondary Markets," American Economic Review, American Economic Association, vol. 100(4), pages 1523-1555, September. http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.4.1523
- Mark Aguiar & Manuel Amador & Hugo Hopenhayn & Iván Werning, 2019. "Take the Short Route: Equilibrium Default and Debt Maturity," Econometrica, Econometric Society, vol. 87(2), pages 423-462, March. https://doi.org/10.3982/ECTA14806
- Gaston Chaumont, 2019. "Sovereign Debt, Default Risk, and the Liquidity of Government Bonds," working paper
Sovereign Risk Pass-through and the "Doom Loop"
- Gennaioli, N., Martin, A. and Rossi, S. (2014), Sovereign Default, Domestic Banks, and Financial Institutions. The Journal of Finance, 69: 819-866. doi:10.1111/jofi.12124
- Luigi Bocola, 2016. "The Pass-Through of Sovereign Risk," Journal of Political Economy, University of Chicago Press, vol. 124(4), pages 879-926. http://dx.doi.org/10.1086/686734
- Markus K. Brunnermeier & Luis Garicano & Philip R. Lane & Marco Pagano & Ricardo Reis & Tano Santos & David Thesmar & Stijn Van Nieuwerburgh & Dimitri Vayanos, 2016. "The Sovereign-Bank Diabolic Loop and ESBies," American Economic Review, American Economic Association, vol. 106(5), pages 508-512, May. https://www.aeaweb.org/articles?id=10.1257/aer.p20161107
- Sosa-Padilla, César, 2018. "Sovereign defaults and banking crises," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 88-105. https://doi.org/10.1016/j.jmoneco.2018.07.004
- Cristina Arellano & Yan Bai & Luigi Bocola, 2019. "Sovereign Default Risk and Firm Heterogeneity," working paper
Political Economy
- Cuadra, Gabriel, and Horacio Sapriza (2008). "Sovereign Default, Interest Rates and Political Uncertainty in Emerging Markets," Journal of International Economics, vol. 76, no. 1, pp. 78-88. https://doi.org/10.1016/j.jinteco.2008.05.001
- Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2009. "Heterogeneous Borrowers In Quantitative Models Of Sovereign Default," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(4), pages 1129-1151, November. https://doi.org/10.1111/j.1468-2354.2009.00562.x
- Scholl, Almuth, 2017. "The dynamics of sovereign default risk and political turnover," Journal of International Economics, Elsevier, vol. 108(C), pages 37-53. https://doi.org/10.1016/j.jinteco.2017.05.002
- Chatterjee, Satyajit & Eyigungor, Burcu, 2019. "Endogenous political turnover and fluctuations in sovereign default risk," Journal of International Economics, Elsevier, vol. 117(C), pages 37-50. https://doi.org/10.1016/j.jinteco.2018.12.006
- Johnny Cotoc & Alok Johri & Cesar Sosa-Padilla, 2019. "Debt, Defaults and Dogma: politics and the dynamics of sovereign debt markets," working paper
- Marina Azzimonti & Vincenzo Quadrini, 2019. "International spillovers and `ex-ante' efficient bailouts," working paper
- Aguiar, M., Amador, M. & Fourakis, S. "On the Welfare Losses from External Sovereign Borrowing." IMF Econ Rev 68, 163–194 (2020). https://doi.org/10.1057/s41308-019-00103-2
- Nirvana Mitra, 2019, "Political Constraints and Sovereign Default Premia," working paper
Fiscal Policy
- Gabriel Cuadra & Juan Sanchez & Horacio Sapriza, 2010. "Fiscal Policy and Default Risk in Emerging Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(2), pages 452-469, April. http://dx.doi.org/10.1016/j.red.2009.07.002
- Cristina Arellano & Yan Bai, 2017. "Fiscal austerity during debt crises," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(4), pages 657-673, December. http://link.springer.com/10.1007/s00199-016-1008-x
- Gonzalo Fernandez-de-Cordoba & Pau Pujolas & Jose Torres, 2017. "Fiscal Discipline and Defaults," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 24, pages 1-13, March. http://dx.doi.org/10.1016/j.red.2016.12.001
- Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2019. "Fiscal Stimulus Under Sovereign Risk," working paper
- Nirvana Mitra, 2019, "Political Constraints and Sovereign Default Premia," working paper
Domestic Heterogeneity, Inequality
- Pablo D'Erasmo & Enrique G. Mendoza, 2016. "Distributional Incentives In An Equilibrium Model Of Domestic Sovereign Default," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 7-44, February. http://hdl.handle.net/10.1111/jeea.2016.14.issue-1
- Pablo D'Erasmo & Enrique G. Mendoza, 2019. "History Remembered: Optimal Sovereign Default on Domestic and External Debt," working paper
- Minjie Deng, 2019, "Inequality, Taxation, and Sovereign Default Risk," working paper
Optimal Contracting Approaches
- Arpad Abraham & Eva Carceles-Poveda & Yan Liu & Ramon Marimon, 2018, "On the optimal design of a Financial Stability Fund," working paper
- Alessandro Dovis, Efficient Sovereign Default, The Review of Economic Studies, Volume 86, Issue 1, January 2019, Pages 282–312, https://doi.org/10.1093/restud/rdy012
- Müller, Andreas, Kjetil Storesletten, and Fabrizio Zilibotti. 2019. "Sovereign Debt and Structural Reforms." American Economic Review, 109 (12): 4220-59. https://doi.org/10.1257/aer.20161457
- Mark Aguiar, Manuel Amador, A contraction for sovereign debt models, Journal of Economic Theory, Volume 183, 2019, Pages 842-875, ISSN 0022-0531, https://doi.org/10.1016/j.jet.2019.08.005
- Juan Hatchondo & Francisco Roch & Leonardo Martinez, 2019. "Constrained efficient borrowing with sovereign default risk," working paper
Computation
- Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2010. "Quantitative properties of sovereign default models: solution methods," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(4), pages 919-933, October. http://dx.doi.org/10.1016/j.red.2010.03.001
- Chatterjee, Satyajit, and Burcu Eyigungor. 2012. "Maturity, Indebtedness, and Default Risk." American Economic Review, 102 (6): 2674-99. DOI: 10.1257/aer.102.6.2674
- Juan M. Sanchez & Maximiliano Dvorkin & Emircan Yurdagul & Horacio Sapriza, 2019. "Sovereign Debt Restructurings," working paper
- Grey Gordon, 2019. "Efficient Computation with Taste Shocks," working paper
Optimal Maturity in the Closed Economy
- Angeletos, G.-M. (2002), "Fiscal policy with non-contingent debt and optimal maturity structure,” Quarterly Journal of Economics, 117, 1105–1131.
- Elisa Faraglia & Albert Marcet & Rigas Oikonomou & Andrew Scott, "Government Debt Management: The Long and the Short of It," The Review of Economic Studies, Volume 86, Issue 6, November 2019, Pages 2554–2604, https://doi.org/10.1093/restud/rdy061
- Anmol Bhandari et al., 2019. "The Optimal Maturity of Government Debt," working paper
- Sergii Kiiashko, 2019. "Optimal Time-Consistent Government Debt Maturity, Fiscal Policy, and Default," working paper
Continuous Time Methods
- Fabrice Tourre, 2017. "A Macro-Finance Approach to Sovereign Debt Spreads and Returns," working paper
- Galo Nuño & Carlos Thomas, 2019. "Monetary Policy and Sovereign Debt Sustainability," working paper
- Saki Bigio & Galo Nuño & Juan Passadore, 2019. "A Framework for Debt-Maturity Management," working paper
- Gideon Bornstein, "A Continuous-Time Model of Sovereign Debt," Journal of Economic Dynamics and Control, Volume 118, 2020, 103963, ISSN 0165-1889, https://doi.org/10.1016/j.jedc.2020.103963
- Sergio Rebelo & Neng Wang & Jinqiang Yang, 2021. "Rare Disasters, Financial Development, and Sovereign Debt," working paper
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