BOON OR BURDEN? THE EFFECT OF PRIVATE SECTOR DEBT ON THE RISK OF SOVEREIGN DEFAULT IN DEVELOPING COUNTRIES

被引：5

作者：

Celasun, Oya ^{[1
]}

Harms, Philipp ^{[2
]}

机构：

[1] Int Monetary Fund, Res Dept, Washington, DC 20431 USA

[2] Rhein Westfal TH Aachen, Fac Business & Econ, D-52062 Aachen, Germany

来源：

ECONOMIC INQUIRY | 2011年 / 49卷 / 01期

关键词：

PANEL-DATA; CRISES; CREDIT; BIAS;

D O I：

10.1111/j.1465-7295.2010.00267.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore how the share of the private sector in total external debt affects perceived creditworthiness and the likelihood of sovereign default in developing countries. While there are theoretical arguments both in favor and against a stabilizing role of private-sector borrowing, the evidence supports the notion that a greater share of the private sector in total external debt is associated with a reduced likelihood of sovereign default. (JEL F34, O16).

引用

页码：70 / 88

页数：19

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