its trust worthy reputation. A trustworthy reputationis valuable because it provides continued access to loans. A key … than the long-run costs from loss of a trustworthy reputation. Thus, although sovereigns sometimes excusably default, they …

its trust worthy reputation. A trustworthy reputationis valuable because it provides continued access to loans. A key … than the long-run costs from loss of a trustworthy reputation. Thus, although sovereigns sometimes excusably default, they …