ARTICLE IN PRESS


Quantitative Models of Sovereign
Debt Crises
M.
*
  Aguiar*, S. Chatterjee, H. Cole{, Z. Stangebye§
Princeton University, Princeton, NJ, United States

Federal Reserve Bank of Philadelphia, Philadelphia, PA, United States
{
University of Pennsylvania, Philadelphia, PA, United States
§
University of Notre Dame, Notre Dame, IN, United States

Contents
1. Introduction                                     1698
2. Motivating Facts                                   1700
  2.1 D ...