Systemic and Idiosyncratic Sovereign Debt Crises
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https://www.nber.org/papers/w20042
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The theoretical literature on sovereign defaults has focused on adverse shocks to debtors economies, suggesting that defaults are of an idiosyncratic nature. Still, sovereign debt crises are also of a systemic nature, clustered around panics in the financial center such as the European Sovereign
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美国国家经济研究局创建时间：
2014-04-01
