Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts
August 1, 2012
Download PDF
More Formats on IMF eLibrary
Order a Print CopyDisclaimer: 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
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.
Subject: Asset and liability management, Bonds, Debt restructuring, Financial crises, Financial institutions, Public debt, Sovereign debt restructuring
Keywords: bank debt, bond issue, Bonds, Caribbean, debt limit, debt ratio, Debt Restructuring, Europe, Global, institutional investor, long-term debt, nominal interest rate, short-term debt, sovereign bond, Sovereign debt restructuring, Sovereign Default, WP
Pages:
128
Volume:
2012
DOI:
Issue:
203
Series:
Working Paper No. 2012/203
Stock No:
WPIEA2012203
ISBN:
9781475505535
ISSN:
1018-5941
