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Abstract:

Sovereign defaults are associated with declines in defaulting countries trade. Are these declines the result of trade sanctions as the trade sanctions argument of sovereign borrowing would suggest? We devise an empirical strategy to evaluate this issue based on the idea that if trade sanctions are causing the declines, bilateral trade with creditor countries should fall more than trade with other countries. We find that this is not the case. The analysis does not yield much evidence of broader punishment strategies including a league of major creditors either. These results contradict the predictions of the trade sanctions theory of sovereign borrowing. © 2011 Elsevier Ltd.

Registro:

Documento: Artículo
Título:Is it punishment? sovereign defaults and the decline in trade
Autor:Martinez, J.V.; Sandleris, G.
Filiación:Said Business School, University of Oxford, Park End Street, Oxford OX1 1HP, United Kingdom
Universidad Torcuato Di Tella, Alte Juan Saenz Valiente 1010, 1428 Buenos Aires, Argentina
Palabras clave:Bilateral trade; F10; F34; G15; Sanctions; Sovereign debt; Sovereign default
Año:2011
Volumen:30
Número:6
Página de inicio:909
Página de fin:930
DOI: http://dx.doi.org/10.1016/j.jimonfin.2011.06.003
Título revista:Journal of International Money and Finance
Título revista abreviado:J. Int. Money Financ.
ISSN:02615606
Registro:https://bibliotecadigital.exactas.uba.ar/collection/paper/document/paper_02615606_v30_n6_p909_Martinez

Referencias:

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Citas:

---------- APA ----------
Martinez, J.V. & Sandleris, G. (2011) . Is it punishment? sovereign defaults and the decline in trade. Journal of International Money and Finance, 30(6), 909-930.
http://dx.doi.org/10.1016/j.jimonfin.2011.06.003
---------- CHICAGO ----------
Martinez, J.V., Sandleris, G. "Is it punishment? sovereign defaults and the decline in trade" . Journal of International Money and Finance 30, no. 6 (2011) : 909-930.
http://dx.doi.org/10.1016/j.jimonfin.2011.06.003
---------- MLA ----------
Martinez, J.V., Sandleris, G. "Is it punishment? sovereign defaults and the decline in trade" . Journal of International Money and Finance, vol. 30, no. 6, 2011, pp. 909-930.
http://dx.doi.org/10.1016/j.jimonfin.2011.06.003
---------- VANCOUVER ----------
Martinez, J.V., Sandleris, G. Is it punishment? sovereign defaults and the decline in trade. J. Int. Money Financ. 2011;30(6):909-930.
http://dx.doi.org/10.1016/j.jimonfin.2011.06.003