Sovereign Debt Puzzles

被引：1

作者：

Bolton, Patrick ^{[1
,2
,3
]}

Gulati, Mitu ^{[4
]}

Panizza, Ugo ^{[2
,5
]}

机构：

[1] Imperial Coll, London, England

[2] Ctr Econ Policy Res, London, England

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

[4] Univ Virginia, Sch Law, Charlottesville, VA 22903 USA

[5] Geneva Grad Inst, Dept Int Econ, Geneva, Switzerland

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS | 2023年 / 15卷

关键词：

sovereign debt; sovereign default; public debt; COLLECTIVE ACTION CLAUSES; DEVELOPING-COUNTRIES; CONTINGENT CLAIM; MORAL HAZARD; CONTRACT; DEFAULT; REPUDIATION; RELIEF; RISK; LAW;

D O I：

10.1146/annurev-financial-111620-030025

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We review the state of the sovereign debt literature and point out that the canonical model of sovereign debt cannot be easily reconciled with several facts about sovereign debt pricing and servicing. We identify and classify more than 20 puzzles. Some are well-known and documented, others are less so and are sometimes based on anecdotal evidence. We classify these puzzles into three categories: puzzles about how sovereigns issue debt; puzzles about the pricing of sovereign debt; and puzzles about sovereign default and the working out of defaults. We conclude by suggesting possible avenues for new research aimed at reconciling theory with what we observe in the real world.

引用

页码：239 / 263

页数：25

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