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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 19 September 2021

The Sovereign Debt Puzzle

The Sovereign Debt Puzzle

Chapter:
(p.1) Introduction The Sovereign Debt Puzzle
Source:
Why Not Default?
Author(s):

Jerome Roos

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691180106.003.0001

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

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