Koszty bankructwa państwa
Costs of sovereign default

Summary/Abstract: The debt crisis in the eurozone again revived the debate about the potential costs or benefits of sovereign default. In this context, however, conditions of potential state default are very different from those studied by C. Reinhard and K. Rogoff. It is highly probable that “this time is different” − for the first time in the history the risk of sovereign default concerns countries with a high level of development. The aim of this paper is to analyze the arguments for and against the decision of sovereign default based on the experience of independent states in the 80s and 90s. The analysis suggests that the costs of sovereign default are usually lower than it results from the anxiety of the representatives of the countries threatened by default.

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