Sturzenegger, Federico; Zettelmeyer, Jeromin - In: Journal of the European Economic Association 5 (2007) 2-3, pp. 343-351
This paper computes debt relief and investor losses associated with the major emerging market defaults and debt restructurings of the 1998-2005 period. Investor losses ranged from 13% to 75%, based on comparing the market value of the new debt with the net present value of the old debt evaluated...
