LEADER 05108oam 22011174 450 001 9910810966903321 005 20240402050705.0 010 $a1-4623-3157-2 010 $a1-4527-0165-2 010 $a1-4518-7096-5 010 $a1-282-84189-0 010 $a9786612841897 035 $a(CKB)3170000000055128 035 $a(EBL)1608036 035 $a(SSID)ssj0000943300 035 $a(PQKBManifestationID)11524018 035 $a(PQKBTitleCode)TC0000943300 035 $a(PQKBWorkID)10977406 035 $a(PQKB)10391005 035 $a(OCoLC)761832055 035 $a(NBER)w22270 035 $a(MiAaPQ)EBC1608036 035 $a(IMF)WPIEE2008238 035 $a(EXLCZ)993170000000055128 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Costs of Sovereign Default /$fEduardo Borensztein, Ugo Panizza 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (52 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/238 300 $aDescription based upon print version of record. 311 $a1-4519-1549-7 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Two Hundred Years of Sovereign Default; III. Default and GDP Growth; IV. Default and Reputation; V. Default and International Trade; VI. Default and the Domestic Banking System; VII. Political Implications of Default; VIII. Conclusions; References; Figures; 1. Number of Defaults (1824-2004); Tables; 1. Default Episodes; 2. Default and Growth, Panel 1972-2000; 3. Default and Growth, Panel 1972-2000; 4. Default and Credit Ratings, Cross Section Regression, 1999-2002; 5. Defaults and Bond Spreads, Panel Regression, 1997-2004; 6. Default and Trade Credit 327 $a7. Default and Trade: Does Trade Credit Matter?8. Probabilities of Default and Banking Crisis; 9. Default and Industry Value-Added Growth; 10. Defaults and Elections; 11. Type of Default; 12. Type of Default and Government; Appendix Tables; A1. Private Lending to Sovereign. Default and Rescheduling; A2: Logit Model for the Probability of Default 330 3 $aThis paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/238 606 $aDebts, External$xEconometric models 606 $aDefault (Finance)$xEconometric models 606 $aDebts, Public 606 $aFinancial crises$xEconometric models 606 $aBank failures$xEconometric models 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMoney and Monetary Policy$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Crises$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aTrade credits$2imf 606 $aBanking crises$2imf 606 $aCredit ratings$2imf 606 $aBank credit$2imf 606 $aDebt default$2imf 606 $aDebts, External$2imf 606 $aFinancial crises$2imf 606 $aCredit$2imf 607 $aArgentina$2imf 615 0$aDebts, External$xEconometric models. 615 0$aDefault (Finance)$xEconometric models. 615 0$aDebts, Public. 615 0$aFinancial crises$xEconometric models. 615 0$aBank failures$xEconometric models. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMoney and Monetary Policy 615 7$aInternational Lending and Debt Problems 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Crises 615 7$aInternational economics 615 7$aMonetary economics 615 7$aEconomic & financial crises & disasters 615 7$aTrade credits 615 7$aBanking crises 615 7$aCredit ratings 615 7$aBank credit 615 7$aDebt default 615 7$aDebts, External 615 7$aFinancial crises 615 7$aCredit 676 $a336.3435 700 $aBorensztein$b Eduardo$01656769 701 $aPanizza$b Ugo$01611913 801 0$bDcWaIMF 906 $aBOOK 912 $a9910810966903321 996 $aThe Costs of Sovereign Default$94070684 997 $aUNINA