Many sovereign defaults have occurred worldwide over the past 200 years. An analysis of 321 sovereign debt restructurings since 1815 shows that foreign private and institutional investor losses were 43 percent on average. Notably, beginning in the 1970s, several debt exchanges have increasingly...

The book explores the Fund's engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund-along with the European Central Bank and the European Commission (together known as...

I present the case for the relationship between climatic oscillations and sovereign debt crisis between 1970 to 2018. I find strong empirical evidence of a relationship between the Antarctic Oscillation, the Madden-Julian Oscillation, the North Atlantic Oscillation, the Pacific North American...

This paper provides an overview of the ongoing debate on the international Sovereign Debt Restructuring Mechanism (SDRM) architecture by highlighting two key aspects, the contractual and the statutory approach, while also alluding to alternatives that have been set forth, such as arbitration,...