NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Internal Debt Crises and Sovereign Defaults

Cristina Arellano, Narayana R. Kocherlakota

NBER Working Paper No. 13794
Issued in February 2008

---- Acknowledgments ----

We thank Katya Kartashova and Jacek Rothert for research assistance, and participants at seminars at the Federal Reserve Banks of New York City and Philadelphia for their comments. The opinions expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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