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

Cover: IMF Working Paper, No. 203

Cover: IMF Working Paper, No. 203

Christoph Trebesch, Udabir Das, Michael Papaioannou – 2012

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.

Titel
Sovereign Debt Restructurings 1950-2010: Literature Survey, Data and Stylized Facts
Verfasser
Christoph Trebesch, Udabir Das, Michael Papaioannou
Verlag
International Monetary Fund
Ort
Washington, DC
Datum
2012
Erschienen in
IMF Working Paper, No. 203.
Sprache
eng
Art
Text