sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor … exchanges in the same default spell, are on the rise. To account for this trend toward serial renegotiation, we introduce the … all record significantly higher haircuts in case of a default. Geopolitical shocks - such as wars, revolutions, or the …

This paper investigates the economic and social consequences of sovereign default on external debt. We focus on the …. After methodological exclusions, the sample covers 221 default episodes over 1815-2020. The analysis adopts an eclectic … a cumulative 8.5 percent of GDP per capita within three years of default. Moreover, output per capita remains nearly 20 …

possibility of a domestic coordinated default crisis, in which domestic borrowers find it optimal to default because all other …

can nevertheless commit credibly to service external debt. They do not default when debt is low because they would lose … access to debt markets and be forced to reduce spending; they do not default as debt builds up, and net new borrowing becomes … difficult, because of the adverse consequences from default to the domestic financial sector. More myopic governments default …

This paper presents a theoretical model to describe the effects of default risk on international lending to LDC …

a model of sovereign default and oil extraction consistent with these observations. The sovereign manages oil reserves … strategically to make default less painful by altering the value of autarky, and hence its sustainable debt falls. All else equal …, default is less likely in states in which reserves or oil prices are higher, or non-oil GDP is lower, but the equilibrium …