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Imf Staff Papers 2009

Authors : International Monetary Fund. Research Dept
Publisher : International Monetary Fund
Published Date : 2009
ISBN-13 : 9781589069107
Page : 54 Pages
Language : en


Descriptions Imf Staff Papers 2009

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.

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