Kohlscheen, Emanuel. (2010) Domestic vs external sovereign debt servicing: an empirical analysis. International Journal of Finance & Economics, Vol.15 (No.1). pp. 93-103. ISSN 1076-9307

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Abstract

This paper analyzes the incidence of domestic and external debt crises for a sample of 53 emerging economies between 1980 and 2005. Even though there is substantial time variation in the default rates during the period, sovereign default rates for domestic debts are typically lower than those for external debts. The incidence of both types of defaults is explained by means of the estimation of independent and Simultaneous limited-dependent variable models. The results show that while there is considerable evidence that external defaults trigger domestic defaults, evidence for the reverse link disappears when default propensities are estimated in a simultaneous equation model. Copyright (C) 2009 John Wiley & Sons, Ltd.

Item Type:	Journal Article
Subjects:	H Social Sciences > HG Finance
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	International Journal of Finance & Economics
Publisher:	John Wiley & Sons Ltd.
ISSN:	1076-9307
Date:	January 2010
Volume:	Vol.15
Number:	No.1
Number of Pages:	11
Page Range:	pp. 93-103
Identification Number:	10.1002/ijfe.414
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/16633

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