Publié le 26/06/2014
Norbert GAILLARD

Historically, states have indebted themselves to finance military campaigns. They do so nowadays for other reasons such as financing productive investment.

The state is not a debtor like any other: in the instance of payment default, their creditors may have great difficulty recovering funds. The measure of sovereign risk is therefore a crucial issue with necessitates political, economic and financial expertise.

Article published in Politique étrangère, Vol. 79, No. 2, Summer 2014 [1]

 

This paper is published in French only: Le lancinant problème de l’insolvabilité des Etats [2]