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Quelles sont les causes et les conséquences d'un défaut sur la dette publique ?

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  • Jean-Pierre Allegret

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyzes sovereign defaults on external debt. Two main issues are addressed. The first concerns the conditions that may lead a government to declare an external default. Important factors are adverse international shocks, self-fulfilling expectations of investors and excess private debt leading to systemic banking crisis. The second question addresses the costs borne by the government in default. Defaults improve macroeconomic performances of countries by restoring their solvency if a debt relief occurs.

Suggested Citation

  • Jean-Pierre Allegret, 2015. "Quelles sont les causes et les conséquences d'un défaut sur la dette publique ?," Post-Print hal-01386074, HAL.
    • Handle: RePEc:hal:journl:hal-01386074
    DOI: 10.3917/rce.017.0101
    Note: View the original document on HAL open archive server: https://hal.parisnanterre.fr/hal-01386074
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