Investment Cycles and Sovereign Debt Overhang
---- Acknowledgements -----
We thank comments and suggestions from Emmanuel Farhi, Doireann Fitzgerald, Roberto Rigobon, and Dietrich Vollrath and seminar participants at several places. We owe a special debt to Ivan Werning, who was particularly generous with his time and suggestions. We thank Oleg Itshokhi for excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.