Quelles sont les causes et les conséquences d'un défaut sur la dette publique ?

Jean-Pierre Allegret (jean-pierre.allegret@unice.fr)
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Jean-Pierre Allegret: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper analyzes sovereign defaults on external debt. Two main issues are addressed. The first concerns 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. The second question addresses 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
Note: View the original document on HAL open archive server: https://hal.parisnanterre.fr/hal-01386074
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Published in Regards croisés sur l'économie, 2015, Faut-il rembourser la dette publique ?, 17, pp.101-116. ⟨10.3917/rce.017.0101⟩

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Journal Article: 6. Quelles sont les causes et les conséquences d’un défaut sur la dette publique ? (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01386074

DOI: 10.3917/rce.017.0101

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