Empirical Research on Sovereign Debt and Default

42 Pages Posted: 28 Nov 2012

See all articles by Michael Tomz

Michael Tomz

Stanford University

Mark L. J. Wright

Federal Reserve Bank of Chicago

Multiple version iconThere are 4 versions of this paper

Date Written: November 28, 2012


The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the theory of sovereign debt. One major theme emerges. Although recent research has sought to balance theoretical and empirical considerations, there remains a gap between theories of sovereign debt and the data used to test them. We recommend a number of steps that researchers can take to improve the correspondence between theory and data.

Keywords: International relations, Sovereign debt, Sovereign default, Political

JEL Classification: C82, E01, F21, F34, F51, F55, N20

Suggested Citation

Tomz, Michael and Wright, Mark L.J., Empirical Research on Sovereign Debt and Default (November 28, 2012). FRB of Chicago Working Paper No. 2012-06. Available at SSRN: https://ssrn.com/abstract=2182179 or http://dx.doi.org/10.2139/ssrn.2182179

Michael Tomz

Stanford University ( email )

Stanford, CA 94305
United States

Mark L.J. Wright (Contact Author)

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

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