The Economics and Law of Sovereign Debt and Default
综述了主权债务的最新文献，结合法律原则演变和近期债务危机，发现国内违约成本比外部制裁更能解释债务可行性，并讨论了降低违约成本的制度设计难题。
This paper surveys the recent literature on sovereign debt and relates it to the evolution of the legal principles underlying the sovereign debt market and the experience of the most recent debt crises and defaults. It finds limited support for theories that explain the feasibility of sovereign debt based on either external sanctions or exclusion from the international capital market and more support for explanations that emphasize domestic costs of default. The paper concludes that there remains a case for establishing institutions that reduce the cost of default but the design of such institutions is not a trivial task.