• As long as the odds of default are as high as 65 percent for some low-income countries, credit risk seems like a far more convincing...

Published Versions

Reinhart, Carmen M. and Kenneth S. Rogoff. "Serial Default And The 'Paradox' Of Risk-To-Poor Capital Flows," American Economic Review, 2004, v94(2,May), 53-58. citation courtesy of

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