Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/39887
Authors: 
Celasun, Oya
Harms, Philipp
Year of Publication: 
2008
Series/Report no.: 
Proceedings of the German Development Economics Conference, Zürich 2008 16
Abstract: 
We explore how the share of the private sector in total external debt affects perceived creditworthiness and the likelihood of sovereign default in developing countries. While there are theoretical arguments both in favor and against a stabilizing role of private-sector borrowing, the evidence clearly supports the notion that a greater share of the private sector in total external debt is associated with a reduced likelihood of sovereign default.
Subjects: 
International Investment
Sovereign Risk
JEL: 
F34
O16
Document Type: 
Conference Paper

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