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Regarding sovereign debt: a)What are the main characteristics of sovereign debt as opposed to private debt that make it more prone to generating crises? (40%)

Regarding sovereign debt:

a)What are the main characteristics of sovereign debt as opposed to private debt that make it more prone to generating crises? (40%)

b)Explain the concept of debt overhang and why would governments ever want torepay their debts? (60%)

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