Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts
IMF Working Papers, August 1, 2012
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- Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts
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Bibliographic details
- Authors: Christoph Trebesch, Michael G. Papaioannou, Udaibir S Das
- Published: August 1, 2012
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475505535.001
Overview and scope
- Authors: Christoph Trebesch, Michael G. Papaioannou, Udaibir S Das
- Date: August 1, 2012
- Coverage: six decades, 1950–2010
- Dataset composition:
- 186 debt exchanges with foreign banks and bondholders
- 447 bilateral debt agreements with the Paris Club
- Purpose: comprehensive survey of sovereign debt restructurings based on a newly constructed database; first complete dataset of sovereign restructuring cases for 1950–2010
Key findings and stylized facts
- Outcome and process metrics covered:
- size of haircuts
- creditor participation
- legal aspects
- New stylized facts presented on outcomes and processes of restructurings, including quantitative measures of haircuts and participation rates (specific numeric outcomes are reported in the paper)
- Empirical focus includes:
- measurement of sovereign default and restructuring frequency over 1950–2010
- characteristics of restructurings involving bank debt, bond issues, and Paris Club agreements
- Legal and institutional factors analyzed:
- role of collective action clauses
- interactions with credit default swaps
- crisis resolution mechanisms and their evolution
Literature, analysis, and debates
- Summarizes relevant empirical literature on sovereign debt restructuring
- Analyzes recent restructuring episodes up to 2010
- Discusses ongoing debates on:
- crisis resolution mechanisms
- credit default swaps
- the role and design of collective action clauses in bond contracts
Subjects and keywords (as listed)
- Subjects: 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
Content in this bundle
- _wp12203 — Appendix / Chapter summary