We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on … bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …

This paper provides updated information on the external debt problem of sub-Saharan Africa. Between 1980 and 1990 the … region’s external debt more than tripled, to US$171 billion, while debt service payments and rescheduling rose by more than … 150 percent to US$20 billion. In addition, the region continues to qualify as severely debt-distressed. During the last …

debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reducing HIPCs’ debt stocks … and debt service payments, the Initiative provides a solid basis for debt sustainability and room for increased social … themselves. Thus, debt relief and official development assistance are critical as “help for self-help.” …

also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the … increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the …

The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors … requirement and an endogenous relief probability, we show that excessive debt accumulation is consistent with an anticipation of a … future debt relief. Simulations of the calibrated model using 1982-2006 Ugandan data suggest that debt-relief episodes are …

. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of … these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two … types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that …

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons … and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between …

across major regions, countries with differing commodity export composition, and countries with differing debt relief status …

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine …