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Author/Editor:
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Das, Udaibir S. ; Papaioannou, Michael G ; Trebesch, Christoph
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Publication Date:
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August 01, 2012
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Electronic Access:
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Free Full text
(PDF file size is 2,240KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper provides a comprehensive survey of pertinent issues on sovereign debt
restructurings, based on a newly constructed database. This is the first complete dataset of
sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186
debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements
with the Paris Club. We present new stylized facts on the outcome and process of debt
restructurings, including on the size of haircuts, creditor participation, and legal aspects. In
addition, the paper summarizes the relevant empirical literature, analyzes recent
restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms,
credit default swaps, and the role of collective action clauses.
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Order a print copy
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Series:
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Working Paper No. 12/203
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Subject(s):
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Debt relief | Debt restructuring | Developing countries | Domestic debt | Emerging markets | Sovereign debt
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Author's Keyword(s):
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Sovereign Default | Debt Restructuring |
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English
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Publication Date:
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August 01, 2012
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Format:
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Paper
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Stock No:
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WPIEA2012203
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Pages:
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127
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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