Dhillon, Amrita (contributor); Sjöström, Tomas (contributor) - 2009
non defaulting countries. Saiegh (2004), (2005) studies 43 countries from
1971-1997, but concludes that being a democracy … that democracy is not always good for repayment relative to dicta-
tors. However this is good: democracies are able to … repayment in bad times.
2.1 Democracy
There is one borrower country with a set of identical citizens normalized
to size one. The …