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What is Creditor Composition and Sovereign Default about?

This document summarizes a research paper that studies how the composition of sovereign debt creditors impacts the probability of sovereign debt default and the corresponding default risk premium. It finds that more concentrated creditor markets, with a higher fraction of large creditors, are associated with a lower probability of default and lower risk premiums. This is because large creditors that have repeated relationships with debtor countries can implement long-term contracts that provide better dynam

Author

ecrcau

Language

EN