摘要：AS THE NUMBER of older voters relative to younger ones increases around the globe, the creditworthiness of borrowing countries could decline—resulting in less external lending and more sovereign debt defaults.
Because lenders cannot easily confiscate a government's assets in the case of a default, they must rely almost completely on the creditworthiness of a sovereign in deciding whether to make a loan. To the many factors affecting a nation's creditworthiness—such as macroeconomic strength and past debt-payment record—lenders must add aging.
