Forty Years of Leverage: What Have We Learned About Sovereign Debt?
回顾了四十年来主权债务的研究，指出金融危机常导致公共借贷增加并引发债务危机，发达国家仍易受冲击，发展中国家经验表明应加强金融监管，但政治和文化因素使改革困难。
Financial crises frequently increase public sector borrowing and threaten some form of sovereign debt crisis. Until recently, high income countries were thought to have become less vulnerable to severe banking crises that have lasting negative effects on growth. Since 2007, crises and attempted reforms in the United States and Europe indicate that advanced countries remain acutely vulnerable. Best practice from developing country experience suggests that regulatory constraints on the financial sector should be strengthened, but this is hard to do in countries where finance has a great deal of political power and cultural prestige, and where leverage is already high.