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 …

are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal … consumption and investment in low-debt states, resulting in multipliers that are significantly below one. Conversely, in periods … of private debt overhang, there is a strong crowding-in effect, while multipliers are much larger than one. In high-debt …

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 …

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

which we incorporate financial imperfections to study the interactions between debt, liquidity and asset prices. We show … booms can mask this structural aggregate demand deficiency. However, the resulting debt overhang permanently depresses … spending in the long run since deleveraging becomes self-defeating because of debt deflation. These findings are in line with …

We offer a new methodology for the assessment of public debt sustainability in a stochastic economy when sovereign … default taken into account. The default threshold differs from the no-Ponzi condition and depends on the post-default debt … sequence of shocks. We highlight the role of the debt recovery ratio on the whole dynamics of public debt. When a sovereign …

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 …

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 …