Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt
构建了一个主权债务模型，其中违约国家被排除在资本市场之外，通过部分还款重新获得市场准入，这与历史证据一致。
This paper develops a simple model of sovereign debt in which defaulting nations are excluded from capital markets and regain access by making partial repayments. This implication of the model is consistent with the historical evidence that defaulting countries return to international loan markets soon after a settlement but after varying periods of exclusion. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.