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Lauren Ferry (Mississippi, presenter) and Patrick E. Shea (Glasgow), Crises and Consequences: The Role of US Support in International Bond Markets
Lauren Ferry (Mississippi, presenter) and Patrick E. Shea (Glasgow), Crises and Consequences: The Role of US Support in International Bond Markets
Abstract: Sovereign default and restructurings should, in theory, lead to creditor punishment through higher borrowing costs or capital market exclusion. However, empirical evidence shows that punishment is inconsistent and not uniform across defaulters. We argue that this disconnect can be explained by examining the role of geopolitical relationships, particularly with the United States, in shaping […]