Sovereign Debt Restructurings 1950-2010 Literature Survey, Data, and Stylized Facts

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...

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Bibliographic Details
Main Author: Trebesch, Christoph
Other Authors: Das, Udaibir, Papaioannou, Michael
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 128 pages 
651 4 |a Argentina 
653 |a Economic & financial crises & disasters 
653 |a Public debt 
653 |a Finance 
653 |a Public finance & taxation 
653 |a Financial crises 
653 |a Financial institutions 
653 |a Value of Firms 
653 |a Debt Management 
653 |a Debts, Public 
653 |a Sovereign debt restructuring 
653 |a Debt 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Investments: Bonds 
653 |a Asset and liability management 
653 |a International Lending and Debt Problems 
653 |a Debts, External 
653 |a Sovereign Debt 
653 |a Bonds 
653 |a Capital and Ownership Structure 
653 |a Goodwill 
653 |a Debt restructuring 
653 |a Investment & securities 
653 |a Financial Risk and Risk Management 
653 |a Financing Policy 
653 |a Financial Risk Management 
653 |a Public Finance 
653 |a Financial Crises 
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520 |a 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