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Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income

Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income

Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from nega

This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? Wh

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many