{
  "title": "The Costs of Sovereign Default",
  "publication": "IMF Working Papers, October 1, 2008",
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  "summary": "This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities.",
  "sections": [
    {
      "heading": "Key themes",
      "content": "- Four types of cost from an international sovereign default examined:\n  - reputational costs\n  - international trade exclusion costs\n  - costs to the domestic economy through the financial system\n  - political costs to the authorities"
    },
    {
      "heading": "Principal findings",
      "content": "- The economic costs are generally significant but short-lived.\n- Economic costs sometimes do not operate through conventional channels.\n- Political consequences of a debt crisis are particularly dire for incumbent governments and finance ministers.\n- Political effects are broadly in line with what happens in currency crises."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Title: The Costs of Sovereign Default\n- Authors: Eduardo Borensztein, Ugo Panizza\n- Date: October 1, 2008\n- Series: Working Paper No. 2008/238\n- Issue: 238\n- Volume: 2008\n- Pages: 50\n- DOI: https://doi.org/10.5089/9781451870961.001\n- Stock No: WPIEA2008238\n- ISBN: 9781451870961\n- ISSN: 1018-5941\n- Preview citation (format: Chicago): Eduardo Borensztein, and Ugo Panizza. \"The Costs of Sovereign Default\", IMF Working Papers 2008, 238 (2008), accessed 9/11/2026, https://doi.org/10.5089/9781451870961.001"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Bank credit, Banking crises, Credit ratings, Debt default, Trade credits\n- Keywords: default dummy, default episode, default history, WP\n\nIMF Working Papers — The Costs of Sovereign Default (Working Paper No. 2008/238)\n\n---\n\n Content in this bundle\n\n- Default Episodes\n  - Default Episodes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Default Episodes (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-costs-of-sovereign-default-22346"
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    "Authors: Eduardo Borensztein, Ugo Panizza",
    "Published: October 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451870961.001",
    "Four types of cost from an international sovereign default examined:",
    "The economic costs are generally significant but short-lived.",
    "Economic costs sometimes do not operate through conventional channels.",
    "Political consequences of a debt crisis are particularly dire for incumbent governments and finance ministers.",
    "Political effects are broadly in line with what happens in currency crises.",
    "Title: The Costs of Sovereign Default",
    "Authors: Eduardo Borensztein, Ugo Panizza",
    "Date: October 1, 2008",
    "Series: Working Paper No. 2008/238",
    "Issue: 238",
    "Volume: 2008",
    "Pages: 50",
    "DOI: https://doi.org/10.5089/9781451870961.001",
    "Stock No: WPIEA2008238",
    "ISBN: 9781451870961",
    "ISSN: 1018-5941",
    "Preview citation (format: Chicago): Eduardo Borensztein, and Ugo Panizza. \"The Costs of Sovereign Default\", IMF Working Papers 2008, 238 (2008), accessed 9/11/2026, https://doi.org/10.5089/9781451870961.001",
    "Subject: Bank credit, Banking crises, Credit ratings, Debt default, Trade credits",
    "Keywords: default dummy, default episode, default history, WP",
    "**Default Episodes**"
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