domestic public debt across countries was missing, at least until recently. Furthermore,
following a crisis, unrecorded debt obligations can come to light. However, Abbas et al
(2011) and Reinhart and Rogoff (2009a) have since made significant progress in putting
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together historical series on (domestic) debt. Second, countries can default in many ways:
outright direct defaults; periods of hyper- or high inflation; punitive taxation of interest
payments; forced interest rate or principal adjustments or conversions; gold clause
abrogation; debasing of currency; and forms of financial repression. Reinhart and Rogoff
(2009a) describe these and make clear that there remains considerable ambiguity in
classifications of defaults, especially of “inflation-related default” episodes.
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