Federal Reserve Bank of Richmond: 'Clientelism, Institutions and Sovereign Default'
March 31, 2026
March 31, 2026
RICHMOND, Virginia, March 31 (TNSLrpt) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 26-06) in March 2026 by Marina Azzimonti and Nirvana Mitra entitled "Clientelism, Institutions and Sovereign Default."
Here are excerpts:
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Emerging economies exhibit pro-cyclical fiscal policy, counter-cyclical sovereign spreads, and recurrent debt crises, whereas advanced economies sustain high debt with low spreads and lower . . .
Here are excerpts:
* * *
Emerging economies exhibit pro-cyclical fiscal policy, counter-cyclical sovereign spreads, and recurrent debt crises, whereas advanced economies sustain high debt with low spreads and lower . . .