Rare Disasters, Financial Development, and Sovereign Debt
构建了一个主权债务模型，发现金融发展水平低会导致新兴市场出现“债务不耐受”现象，降低债务容量、提高信用利差并限制消费平滑能力。
ABSTRACT We propose a model of sovereign debt in which countries vary in their level of financial development, defined as the extent to which they can issue debt denominated in domestic currency in international capital markets. We show that low levels of financial development generate the “debt intolerance” phenomenon that plagues emerging markets: it reduces overall debt capacity, increases credit spreads, and limits the country's ability to smooth consumption.