English, Article, Journal or magazine article edition: Heterogeneous borrowers in quantitative models of sovereign default Juan Carlos Hatchondo; Leonardo Martinez; Horacio Sapriza

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Bookmark: http://trove.nla.gov.au/version/74999
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Heterogeneous borrowers in quantitative models of sovereign default
Author
  • Juan Carlos Hatchondo
  • Leonardo Martinez
  • Horacio Sapriza
Physical Description
  • preprint
Notes
  • We extend the model used in recent quantitative studies of sovereign default, allowing policymakers of different types to alternate in power. We show that a default episode may be triggered by a change in the type of policymaker in office, and that such a default is likely to occur only if there is enough political stability and if policymakers encounter poor economic conditions. Under high political stability, political turnover enables the model to generate a weaker correlation between economic conditions and default decisions, a higher and more volatile spread, and lower borrowing levels after a default episode.
  • RePEc:fip:fedrwp:07-01
Language
  • English
Contributed by
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