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

By Christoph Trebesch, Michael G. Papaioannou, Udaibir S Das

August 1, 2012

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Christoph Trebesch, Michael G. Papaioannou, and Udaibir S Das. Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts, (USA: International Monetary Fund, 2012) accessed December 4, 2024

Disclaimer: 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

Publication Details

Pages:

128
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2012/203
Stock No:

WPIEA2012203
ISBN:

9781475505535
ISSN:

1018-5941

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