This paper estimates the costs of
sovereign defaults to a broader extent than has been done in
the literature. Applying the synthetic control method to a
sample of 131 defaults since 1900, it finds that, on
average, growth in the first two years falls 3.6 and 2.4
percentage points short of the counterfactual. Still, after
a decade, defaulters’ economic output per capita
is nearly 17 percent below that of the counterfactual.
Poverty...
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2022/08/31
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Рабочий документ в рамках исследования вопросов политики
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WPS10157
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1
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2022/08/31
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Disclosed
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The Social Costs of Sovereign Default
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