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| dc.title | The Domestic Side of Sovereign Defaults |
| dc.contributor.author | Erce, Aitor |
| dc.contributor.author | Mallucci, Enrico |
| dc.contributor.author | Picarelli, Mattia |
| dc.contributor.orgunit | Connectivity, Markets and Finance Division |
| dc.date.available | 2020-05-21T12:00:00 |
| dc.date.issue | 2020-04-29T00:00:00 |
| dc.description.abstract | Sovereign defaults are increasingly affecting liabilities governed by local law and held by local residents. This paper provides an overview of the existing literature on domestic defaults, describes a novel dataset that codifies defaults according to the jurisdiction of the instruments involved, and shows that domestic and foreign-law defaults have different macroeconomic implications. While a default affects economic growth regardless the legal jurisdiction, local-law defaults are more likely to trigger domestic financial instability and credit tightening, and foreign-law defaults are more likely to tighten access to external financing sources. |
| dc.format.extent | 26 |
| dc.identifier.doi | http://dx.doi.org/10.18235/0002318 |
| dc.identifier.url | https://publications.iadb.org/publications/english/document/The-Domestic-Side-of-Sovereign-Defaults.pdf |
| dc.language.iso | en |
| dc.medium | Adobe PDF |
| dc.publisher | Inter-American Development Bank |
| dc.subject | Credit |
| dc.subject | Debt Restructuring |
| dc.subject | Domestic Debt |
| dc.subject | Financial Bond |
| dc.subject | Financial Stability |
| dc.subject | Sovereign Default |
| dc.subject.jelcode | F34 - International Lending and Debt Problems |
| dc.subject.jelcode | E62 - Fiscal Policy |
| dc.subject.jelcode | F02 - International Economic Order and Integration |
| dc.subject.jelcode | G01 - Financial Crises |
| dc.subject.keywords | growth;Credit;domestic debt;sovereign default;governinglaw |
| dc.type | Discussion Papers |
| idb.identifier.pubnumber | IDB-DP-00755 |
| idb.operation | RG-T2860 |