Monday, November 3, 2008

Sovereign defaults are back!

This graph is from a UBS publication (click to enlarge). Over the last few years I have written (together with Eduardo Borensztein, Eduardo Levy Yeyati, Federico Sturzenegger, and Jeromin Zettelmeyer) several papers and a book on sovereign debt and defaults. But people have been telling us that we were stuck in the past.
It looks like that defaults are back. (here is a paper on the cost of default; here is a paper on the elusive cost of default; here is a paper on default and exports; here is book on sovereign debt with a chapter on default; we also have a super cool paper on the Law and Economics of Sovereign Debt and Default but it's not online yet).
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