IMF paper on lending resumption after default

The IMF Working Paper "Lending resumption after default: Lessons from capital markets during the 19th century" mines the experience of capital markets during the 19th century to propose an alternative way of interpreting international default episodes.

The standard view is that defaulting on sovereign debt entails exclusion from capital markets. Yet we have observed multiple instances of sovereign debt default in which the reaction of lenders was not the one predicted by the punishment story: in

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