Reinhart, Carmen M.; Trebesch, Christoph - 2014 - First draft October 4, 2013, This draft: October 6, 2014
); sovereign credit ratings; debt servicing burdens relative to GDP, fiscal revenues, and exports; as well as the level of … distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt … burdens and lower government debt. Also ratings recover markedly, albeit only in the modern period. …