“...Why are episodes of sovereign default accompanied by deep recessions? The existing literature cannot answer this question. On one hand, sovereign default...”

“...How high can public debt rise without compromising fiscal solvency? We answer this question using a stochastic model of sovereign default in which risk-neutral...”

“...In the 1990s, Sudden Stops in emerging markets were a harbinger of the 2008 global financial crisis. During these Sudden Stops, countries lost access to...”

“...This paper reports results for a class of dynamic, stochastic general equilibrium models with credit constraints that can account for some of the empirical...”

“...Contributing to the debate on the macroeconomic effects of fiscal stimuli, we show that the impact of government expenditure shocks depends crucially on key...”

“...KCI Citation Count: 0...”

“...Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net...”

“...The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial...”

“...We conduct a cross-country empirical analysis of fiscal solvency based on dynamic stochastic general equilibrium conditions. The results show evidence of...”