Front Matter Page
Research Department
Authorized for distribution by Peter Wickham
Contents
I. Introduction
II. Empirical Methodology
A. Definition of Debt Crisis
B. Liquidity Variables
C. Debt Variables
D. Macroeconomic Characteristics
III. Estimation Results and Sensitivity Tests
A. Results from the Baseline Regression
B. Sensitivity Tests
C. Endogeneity of Short-Term Debt
IV. Liquidity in a Model of Sovereign Debt with Potential Repudiation
V. Conclusions
Text Tables
1. Liquidity and the Probability of Debt Crisis-Baseline Estimation
2. Sensitivity Analysis: Alternative Definition of Crises
3. Sensitivity Analysis: Country and Time Specific Effects
4. Instumental Variable Estimation
Figure
1. Debt Crises
Appendices
I. Data Appendix
II. Mathematical Appendix
Appendix Tables
5. Episode of Debt Crisis by Year and Country
6. Summary Statistics of Sample Variables
7. Correlation Matrix
References