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Domestic vs external sovereign debt servicing: an empirical analysis
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Kohlscheen, Emanuel (2010) Domestic vs external sovereign debt servicing: an empirical analysis. International Journal of Finance & Economics, Vol.15 (No.1). pp. 93-103. doi:10.1002/ijfe.414 ISSN 1076-9307.
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Official URL: http://dx.doi.org/10.1002/ijfe.414
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 | ||||
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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 | ||||
Official Date: | January 2010 | ||||
Dates: |
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Volume: | Vol.15 | ||||
Number: | No.1 | ||||
Number of Pages: | 11 | ||||
Page Range: | pp. 93-103 | ||||
DOI: | 10.1002/ijfe.414 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
Data sourced from Thomson Reuters' Web of Knowledge
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