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Replication files for The Economics of Sovereign Debt and Default

by Mark Aguiar and Manuel Amador


This repository replicates the computations and figures presented in the book The Economics of Sovereign Debt and Default. All code is written for Julia.

We are especially grateful to Stelios Fourakis, who wrote the original code for the quantitative models. The code in this repository has been written by the authors based on that original code, with help from Ricardo Alves Monteiro.


Most of the code is based on a self-contained package, LTBonds.

The Project.toml file contains information on dependencies that suffices for replication.

To install all necessary packages, open a julia prompt at the root of this repository and type:

julia> using Pkg 
julia> Pkg.activate(".")
julia> Pkg.instantiate()

The above will download the packages needed to run the scripts that use LTBonds.

After this step, the files at the root of scripts subfolder can be run.

There is a subdirectory in the scripts subfolder titled Ch7_simplemodel. To run the script in this subfolder, navigate to it and activate/instantiate as above.

Replicating Figures and Tables

The replication programs are in the scripts subfolder:

  1. Chapter5.jl contains the code to replicate tables and figures from Chapter 5.
  2. Chapter7.jl contains the code to replicate the tables and figures from Chapter 7 Section 7.9.

These two files utilize plotting_functions.jl, which contain code for formatting figures as they appear in the manuscript.

  1. The file Chapter7_simplemodel.jl in the Ch7_simplemodel subfolder contains the code to generate figures for Sections 7.6 and 7.7 of Chapter 7. This file uses longbonds_cont_time.jl and contains its own Project.toml and Manifest.toml files.

There is a Jupyter notebook (extension .ipynb) associated with each of the scripts.

All figures are saved to the "output" subfolder.

The src Folder

The "src" folder contains the code used to compute the quantitative sovereign bond models of Chapters 5 and 7. It is not necessary to access these files directly. The relevant types and functions are collected in the LTBonds module, which is imported by the files in the scripts subfolder.


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