A simulation estimation analysis of the external debt crises of developing countries
发展中国家外债危机的模拟估计分析
Abstract In this paper we develop models of the incidence and extent of external financing crises of developing countries, which lead to multiperiod multinomial discrete choice and discrete/continuous econometric specifications with flexible correlation structures in the unobservables. We show that estimation of these models based on simulation methods has attractive statistical properties and is computationally tractable. Three such simulation estimation methods are…