Models of Sovereign Debt: Partial Versus General Reputations
指出传统声誉模型只能支持局部声誉，即一个领域的失信只影响该领域；作者构建了一般声誉模型，认为失信会波及所有领域，从而能解释大量主权债务的存在。
Bulow and Rogoff (1989b) show that as long as governments can earn the market rate of return by saving abroad, standard reputation models cannot support debt. We argue that these standard reputation models are partial in the sense that actions of agents in one arena affect reputation in that arena only. We develop a general model of reputation in which if a government is viewed as untrustworthy in one relationship, this government will be viewed as untrustworthy in other relationships. We show that our general model of reputation can support large amounts of debt.