Catão, Luis (contributor); Fostel, Ana (contributor); … - 2008
asymmetric information between borrowers and lenders about the nature of output shocks. In such an environment, default creates a … provide empirical support for the model by building a long and broad cross-country dataset spanning over a century. This data … is used to provide evidence on the existence of a historydependent "default premium" and to show that the effect of …