{
  "title": "Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts",
  "publication": "IMF Working Papers, August 1, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-debt-restructurings-1950-2010-literature-survey-data-and-stylized-facts-26190",
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  "summary": "This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Authors: Christoph Trebesch, Michael G. Papaioannou, Udaibir S Das\n- Date: August 1, 2012\n- Coverage: six decades, 1950–2010\n- Dataset composition:\n  - 186 debt exchanges with foreign banks and bondholders\n  - 447 bilateral debt agreements with the Paris Club\n- Purpose: comprehensive survey of sovereign debt restructurings based on a newly constructed database; first complete dataset of sovereign restructuring cases for 1950–2010"
    },
    {
      "heading": "Key findings and stylized facts",
      "content": "- Outcome and process metrics covered:\n  - size of haircuts\n  - creditor participation\n  - legal aspects\n- 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)\n- Empirical focus includes:\n  - measurement of sovereign default and restructuring frequency over 1950–2010\n  - characteristics of restructurings involving bank debt, bond issues, and Paris Club agreements\n- Legal and institutional factors analyzed:\n  - role of collective action clauses\n  - interactions with credit default swaps\n  - crisis resolution mechanisms and their evolution"
    },
    {
      "heading": "Literature, analysis, and debates",
      "content": "- Summarizes relevant empirical literature on sovereign debt restructuring\n- Analyzes recent restructuring episodes up to 2010\n- Discusses ongoing debates on:\n  - crisis resolution mechanisms\n  - credit default swaps\n  - the role and design of collective action clauses in bond contracts"
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Asset and liability management, Bonds, Debt restructuring, Financial crises, Financial institutions, Public debt, Sovereign debt restructuring\n- 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\n\n---\n\n Content in this bundle\n\n- wp12203 — Appendix / Chapter summary\n  - wp12203 — Appendix / Chapter summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp12203 — Appendix / Chapter summary (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-debt-restructurings-1950-2010-literature-survey-data-and-stylized-facts-26190"
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    "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",
    "Authors: Christoph Trebesch, Michael G. Papaioannou, Udaibir S Das",
    "Date: August 1, 2012",
    "Coverage: six decades, 1950–2010",
    "Dataset composition:",
    "Purpose: comprehensive survey of sovereign debt restructurings based on a newly constructed database; first complete dataset of sovereign restructuring cases for 1950–2010",
    "Outcome and process metrics covered:",
    "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:",
    "Legal and institutional factors analyzed:",
    "Summarizes relevant empirical literature on sovereign debt restructuring",
    "Analyzes recent restructuring episodes up to 2010",
    "Discusses ongoing debates on:",
    "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",
    "**_wp12203 — Appendix / Chapter summary**"
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