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The Economics of Sovereign Debt and Default (CREI Lectures in
Macroeconomics)

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bAn integrated approach to the economics of sovereign
defaultbFiscal crises and sovereign default repeatedly threaten
the stability and growth of economies around the world. Mark
Aguiar and Manuel Amador provide a unified and tractable
theoretical framework that elucidates the key economics
behind sovereign debt markets, shedding light on the frictions
and inefficiencies that prevent the smooth functioning of these
markets, and proposing sensible approaches to sovereign debt
management.The Economics of Sovereign Debt and Default
looks at the core friction unique to sovereign debt&#8213th
lack of strong legal enforcement&#8213an goes on to examine
additional frictions such as deadweight costs of default,
vulnerability to runs, the incentive to
&#8220diute&#8221existing creditors, and sovereign
debt&#8217sdistortion of investment and growth. The book
uses the tractable framework to isolate how each additional
friction affects the equilibrium outcome, and illustrates its
counterpart using state-of-the-art computational modeling. The
novel approach presented here contrasts the outcome of a
constrained efficient allocation&#8213on chosen to maximize
the joint surplus of creditors and government&#8213wih the
competitive equilibrium outcome. This allows for a clear
analysis of the extent to which equilibrium prices efficiently
guide the government&#8217sdebt and default decisions, and
of what drives divergences with the efficient outcome.Providing
an integrated approach to sovereign debt and default, this
incisive and authoritative book is an ideal resource for
researchers and graduate students interested in this important
topic.