and restructuring in two distinct samples: 1920-1939, focusing on the defaults on official (government to government) debt …This paper studies sovereign debt relief in a long-term perspective. We quantify the relief achieved through default … in advanced economies after World War I; and 1978-2010, focusing on emerging market debt crises with private external …

protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper … studies the duration of sovereign debt crises based on a new dataset and case study archive on debt renegotiations between … suggests that debtor countries often lack the political ability to resolve a debt crisis. Governments in turmoil are unlikely …

external debt is considered through the non-residents' holdings according to a Balance of Payments perspective. The analysis is …The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where … empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the …

performance before their debts were forgiven. We discuss the hypothesis that during the follow-up, Multilateral Debt Relief … Initiative (MDRI), the World Bank has refrained from this policy, and that debt relief decisions are rather politically driven …, respectively. Our main finding shows, that improvements in governance quality led to higher levels of debt forgiveness in 2000 …

The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to 314 billion euros in …

debt burden is high, followed by deeper debt restructuring if post-crises debt proves unsustainable. The mechanism is … easily implemented by amending ESM guidelines and compelling countries to issue debt with Creditor Participation Clauses … (CPCs). As debt is rolled over, the mechanism gradually phases in, leaving countries time to reduce debt. Given that private …

strategies on long-term interest rates – a key fiscal indicator reflecting the costs of government debt service. A government … confronted with high deficits and rising debt will sooner or later need to enact fiscal adjustments in order to avoid solvency … factors, we find that the size and the composition of a fiscal adjustment significantly affect interest rates as well as yield …

debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income … current fiscal rules, since Norway is on a trajectory of turning a current net asset-GDP-ratio close to one into a net debt …

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …