This paper surveys recent economic and legal literature on sovereign debt in light of the COVID-19 shock. Most of the … persistent gap between sovereign debt theories grounded in immunity and empirical evidence that low- and middle-income country … outside the scope of this literature before the euro area debt crisis, have shown themselves to be far more …

cases filed against defaulting sovereigns. We find that creditors are more likely to litigate in large debt restructurings … economies and those with a low legal capacity). We conclude that sovereign debt lawsuits can be predicted reasonably well with a …

government operates close to its scal limit, i.e. the maximum capacity of a country to repay its debt. The presence of the … possible sovereign default leads to dynamics of sovereign debt which cause taxes to rise and increase the dispersion of … resulting tax levels. In line with data for industrialized countries household saving increases at high debt-to-GDP levels and …

We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal … policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents … equilibrium where public debt amounts to a sizeable fraction of output in steady state and is nevertheless fully serviced by the …

have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have … where changes in the creditor base and in the composition of public debt instruments have brought about new challenges in … international architecture for sovereign debt restructurings (SODRs), as seen through the lenses of the International Monetary Fund …

This paper proposes a quantitative theory of the interaction between private and public debt in an open economy …. Excessive private debt increases the frequency of financial crises. During such crises the government provides fiscal bailouts … financed with risky public debt. This response may cause a sovereign debt crisis, which is characterized by a higher …