IMF Staff Papers, Volume 56, No. 4

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IMF Staff Papers, Volume 56, No. 4
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Volume:
56
Series:
IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
November 2009
DOI:
http://dx.doi.org/10.5089/9781589069107.024
ISBN:
9781589069107
ISSN:
1020-7635
Page:
295
This paper empirically evaluates four types of costs 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.
Article

Foreign Aid with Voracious Politics

Author(s):
International Monetary Fund. Research Dept.
Published Date:
November 2009
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