HKS Affiliated Authors
Minos A. Zombanakis Professor of the International Financial System
Excerpt
Excerpt
A Distant Mirror of Debt, Default, and Relief. Carmen Reinhart, October 2014, Paper. "We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World War I and its aftermath. We examine the economic performance of debtor countries during and after these overhang episodes, by tracing the evolution of real per capita GDP (levels and growth rates); sovereign credit ratings..." (May require purchase or user account) Link