کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
962682 930139 2011 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Sovereign default, private sector creditors, and the IFIs
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Sovereign default, private sector creditors, and the IFIs
چکیده انگلیسی
The data reveal that emerging market sovereign borrowing from International Financial Institutions (IFIs) is small, intermittent and countercyclical compared to that from private sector creditors. The IFI loan contracts offered to sovereigns differ from the private ones in that they are more enforceable and have conditionality arrangements attached to them. Taking these contractual differences as given, this paper builds a quantitative model of a sovereign borrower and argues that better enforceability of IFI loan contracts is the main institutional feature that explains the size and cyclicality while conditionality accounts for the intermittency of borrowing from the IFIs.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 83, Issue 1, January 2011, Pages 70-82
نویسندگان
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