Cohen, Daniel; Villemot, Sébastien - In: Journal of International Money and Finance 51 (2015) C, pp. 337-369
We distinguish two types of debt crises: those that are the outcome of exogenous shocks (to productivity growth for instance) and those that are endogenously created, either by self-fulfilling panic in financial markets or by the reckless behavior of “Panglossian” borrowers. After Krugman,...