Bassanetti, Antonio; Cottarelli, Carlo; Presbitero, Andrea - 2016
key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread … use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio … relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets …