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The International Monetary Fund (IMF) predicts that, in the coming years, more than fifty countries are at risk of default. Yet we understand little about the political determinants of this decision to renege on promises to international creditors. This book develops and tests a unified theory of how domestic politics explains sovereign default across dictatorships and democracies. Professor Ballard-Rosa argues that both democratic and autocratic governments will choose to default when it is necessary for political survival; however, regime type has a significant impact on what specific kinds of threats leaders face. While dictatorships are concerned with avoiding urban riots, democratic governments are concerned with losing elections, in particular the support of rural voting blocs. Using cross-national data and historical case studies, Ballard-Rosa shows that leaders under each regime type are more likely to default when doing so allows them to keep funding costly policies supporting critical bases of support.

Debts, Public --- Financial crises --- Rural-urban relations --- Democracy --- Dictatorship --- Absolutism --- Autocracy --- Tyranny --- Authoritarianism --- Despotism --- Totalitarianism --- Rural-urban interaction --- Urban-rural interaction --- Urban-rural relations --- Sociology, Rural --- Sociology, Urban --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Political aspects. --- Economic aspects.

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Remittances, money sent by workers back to their home countries, support democratic expansion. Migration and Democracy focuses on the effects of worker remittances and how these resources shape political action in the Global South. Remittances are not only the largest source of foreign income in most autocratic countries, but also, in contrast to foreign aid or international investment, flow directly to citizens. As a result, they provide resources that make political opposition possible, and they decrease government dependency, undermining the patronage strategies underpinning authoritarianism. The authors discuss how international migration produces a decentralised flow of income that generally circumvents governments to reach citizens who act as democratizing agents.

Emigration and immigration - Political aspects --- Emigration and immigration - Economic aspects --- Emigrant remittances - Political aspects --- Democratization - Economic aspects --- Dictatorship --- Emigration and immigration --- Political aspects. --- Economic aspects. --- Activism. --- Adventurism. --- Ant Financial Services Group. --- Antipathy. --- Beneficiary. --- Centrism. --- Citizens (Spanish political party). --- Clientelism. --- Collective behavior. --- Consumption (economics). --- Cronyism. --- Democracy promotion. --- Democratic consolidation. --- Democratization. --- Developed country. --- Development aid. --- Dictatorship. --- Economic liberalization. --- Effectiveness. --- Electoral reform. --- Estimation. --- Explanation. --- Factors of production. --- Family income. --- Government of China. --- Government shutdown in the United States. --- Government spending. --- Human capital flight. --- Illegal immigration. --- Import. --- Income. --- Incumbent. --- Insurgency. --- International non-governmental organization. --- Investment. --- Jean Ping. --- Judiciary. --- Liberalization. --- Local history. --- Marabout. --- Market price. --- Mass surveillance. --- Measurement. --- Military dictatorship. --- Modernization theory. --- Monarchy. --- Multiple citizenship. --- Nationalization. --- Nativism (politics). --- Neoliberalism. --- No taxation without representation. --- North–South divide. --- Obstacle. --- Opposition Party. --- Participation (decision making). --- Political opportunity. --- Political repression. --- Political science. --- Political sociology. --- Populism. --- Poverty reduction. --- Project. --- Prosocial behavior. --- Protest vote. --- Public good. --- Rebellion. --- Recolonization. --- Regime. --- Remittance. --- Right-wing politics. --- Safety net. --- Scheduled Castes and Scheduled Tribes. --- Sewerage. --- Smuggling. --- Social science. --- Spillover effect. --- Spoils system. --- Structural adjustment. --- Subsidy. --- Suggestion. --- Tanzania. --- Tax revenue. --- Tax. --- Term limit. --- Thomas Boni Yayi. --- United Nations Security Council. --- Volunteering. --- Voting. --- Welfare. --- Youth unemployment. --- Emigrant remittances --- Democratization --- Absolutism --- Autocracy --- Tyranny --- Authoritarianism --- Despotism --- Totalitarianism --- Democratic consolidation --- Democratic transition --- Political science --- New democracies --- Immigrant remittances --- Remittances, Emigrant --- Foreign exchange --- Political systems --- Migration. Refugees