Series: IMF Working Papers
Author(s): Enrica Detragiache , and Antonio Spilimbergo
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 January 2001
Keywords: Debt crises, creditor runs, short-term debt, debt service, probability, external debt, liquidity variables, International Lending and Debt Problems,
In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the propo...