6. Quelles sont les causes et les conséquences d’un défaut sur la dette publique ?

Jean-Pierre Allegret

Regards croisés sur l'économie, 2015, vol. n° 17, issue 2, 101-116

Abstract: This paper analyzes sovereign defaults on external debt. Two main issues are addressed. First, we discuss the conditions that may lead a government to declare an external default. Important factors are adverse international shocks, self-fulfilling expectations of investors and excess private debt leading to systemic banking crisis. Second, we discuss the costs borne by the government in default. Defaults improve macroeconomic performances of countries by restoring their solvency if a debt relief occurs.

Date: 2015
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