Function-scope static object's constructor throws an exception

Consider the following code:

#include <iostream>

struct X{
   X(){
      throw 0;
   }
};

void f(){
   static X x;
}

int main(){
   try {
      f();
   }
   catch(int)   {
      std::cout << "Caught first time" << std::endl;
   }
   try {
      f();
   }
   catch(int) {
      std::cout << "Caught second time" << std::endl;
   }
}

The output of this program is

Caught first time
Caught second time

So, is it guaranteed by the standard that the constructor of a static object is going to be called over and over again until it's successfully completed? I can't find the place in the standard where it is mentioned, so a quote or a reference to chapter and verse are very much welcome.

Or is there any undefined behavior involved in my example?