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- W3123961497 abstract "We show how vicious circles in countries' credit histories arise in a model where output persistence is coupled with asymmetric information about output shocks. In such an environment, default signals the borrower's vulnerability to adverse shocks and creates a pessimistic growth outlook. This translates into higher interest spreads and debt servicing costs relative to income, raising the cost of future repayments, thereby creating default traps. We build a long and broad cross-country dataset to show the existence of a history-dependent default premium and of significant effects of output persistence on sovereign creditworthiness, consistent with the model's predictions." @default.
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- W3123961497 date "2009-01-15" @default.
- W3123961497 modified "2023-09-29" @default.
- W3123961497 title "Persistent Gaps and Default Traps" @default.
- W3123961497 hasPublicationYear "2009" @default.
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