relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization …This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are … institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority …

sub-Saharan Africa has grown. There is some evidence that, since the late 1990s, debt relief has assumed a larger share of … recipient governments, especially in the form of debt relief. Donor harmonization, national ownership of development plans, and …

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.” …

’s dilemma and time inconsistency. The paper also shows that state-contingent repayment schemes are needed to deal with King Lear …

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 …

Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget … deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper … stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This …