Debt Crises: For Whom the Bell Tolls

Guillermo Ordonez, Daniel Neuhann and Harold Cole
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Daniel Neuhann: University of Pennsylvania

No 1245, 2014 Meeting Papers from Society for Economic Dynamics

Abstract: What a country has done in the past, and what other countries are doing in the present can feedback for good or for ill. We develop a model which can address hysteresis and contagion in sovereign debt markets. When a country's fundamentals change, those changes affect information acquisition about that country but also affect the allocation of investors worldwide, inducing changes in risk spreads in seemingly unrelated countries.

Date: 2014
New Economics Papers: this item is included in nep-mfd and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed014:1245

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