Jump to ContentJump to Main Navigation
Why Not Default?$
Users without a subscription are not able to see the full content.

Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 28 May 2022

The Sovereign Debt Puzzle

The Sovereign Debt Puzzle

(p.1) Introduction The Sovereign Debt Puzzle
Why Not Default?

Jerome Roos

Princeton University Press

This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management for social justice and democracy. It does so by revisiting a seemingly simple question whose answer has nonetheless eluded economists for decades: why do so many heavily indebted countries continue to service their external debts even in times of acute fiscal distress? The chapter then presents a brief history of sovereign default followed by discussions of why governments repay their debts, the three enforcement mechanisms of debtor compliance, and consequences for international crisis management.

Keywords:   European debt crisis, financial crisis, global finance, international crisis management, external debt, sovereign default, debtor compliance

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.