The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico
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We thank seminar participants at the Federal Reserve Board and conference participants at the Interdisciplinary Sovereign Debt Research and Management Conference (DebtCon) in Geneva for helpful comments and suggestions. We thank Mitu Gulati, Ju Hyun Kim, Violeta Sosa, Christoph Trebesch, and John Walter for helpful discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve Bank of Richmond or the Federal Reserve System.