Wright, Mark L. J. (contributor) - 2004
questionsinaworldwithtwoformsofdefaultrisk.Whenprivateloansareen-
forceable, but there is the risk of national default, constrained efficient capital
flows can be … default on the nations entire
borrowings, we say that foreign investors face national default risk,andshowthat
the constrained … important in practice. Historically national default
risk has been a consequence of the doctrine of sovereign immunity which …