; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "External and Public Debt Crises"; ; "batchuser@example.com"; "Atkeson, Andrew", "Wright, Mark L. J.", "Arellano, Cristina"; "Federal Reserve Bank of Minneapolis"; "Debt crises", "Interference with private contracts", "Sudden stops", "Tax flexibility"; "H70 - State and Local Government; Intergovernmental Relations: General", "F30 - International Finance: General", "K10 - Basic Areas of Law: General (Constitutional Law)"; "The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state government indebtedness was low, and the crisis had no spillovers to the private sector. We show theoretically and empirically that these different debt experiences result from the interplay between differences in the ability of governments to interfere in private external debt contracts and differences in the flexibility of state fiscal institutions."^^; "2015-07-07"; "2019-05-17T14:10:36.85092699+00:00"^^; "https://doi.org/10.21034/sr.515"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 20:58:23 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "858", "33", "39"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "515"; "Sudden stops", "Tax flexibility", "Debt crises", "Interference with private contracts"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _NBER Macroeconomics Annual 2015_ (Vol. 30, 2016, pp. 191-244) https://doi.org/10.1086/685957."^^; ; "Publication" . ; .