How well do we understand sovereign debt crisis? Evidence from Latin America

Maximilian Ludwig

VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy from Verein für Socialpolitik / German Economic Association

Abstract: In recent years, the number of theoretical models on sovereign default exploded. I take a step back and investigate how good our current theoretical understanding of real world sovereign debt crisis really is. This is done by deriving implications that are hard wired into our models and comparing the evolution of nearly 20 sovereign debt crises in Latin America with them. I find that the available models capture aspects of virtually all crises, yet there are only a few crisis that are fully consistent with the available models.

JEL-codes: E65 F34 H63 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-lam and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc14:100531

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