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Sovereign Debt Crises
2014
Authors
Publication Year
2014
Abstract
Sovereign debt crises can be triggered by highdefault probabilities induced by high interestrates. This is more likely if debt is relatively large.In this context, the intervention of a large lenderwith deep pockets, such as the European CentralBank (ECB), can help coordinate on low interestrates. The article is based on the work ofNavarro, Nicolini and Teles (2014).
Document link
Journal (repec)
Economic Bulletin