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2 “... historical perspective and examines the various factors that may account for this trend. We show that current...”

3 “... of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious...”

4 “... it exceeds 50 percent in absolute terms and 20 percent of the country-specific historical mean...”

5 “... with historically higher macroeconomic volatility are more prone to default, and particularly so if part...”

6 “... four countries have historically displayed a striking combination of high business cycle...”