early 2000s as a result of debt relief programs, higher economic growth, and improved fiscal management for some countries …. More recently, however, vulnerabilities in some countries are on the rise, including a few with very rapid debt … have driven changes in public debt since the global financial crisis. Borrowing to support fiscal deficits since 2009 …

Access to debt relief under the Highly Indebted Poor Country Initiative enhanced the growth performance across Sub …-Saharan Africa, especially in the subset of debt-ridden low-income countries. Over the past few years, these Completion Point … be undermined by the looming risk of another sovereign debt crisis. In effect, the experiments show that lowering …

lenders require a lower premium than foreign lenders on domestic currency debt. For plausible calibrations, this consumption … basket effect can induce foreign investors to pull out of the domestic currency debt market …

This paper assesses the extent to which debt overhang poses a constraint to economic activity in Emerging Europe, as …-crisis years) rather than large stocks of external debt. A high reliance on equity funding means that net external debt is far … relatively low compared with advanced economies. With the important exception of Hungary, public debt levels also remain …

nonconvexities also has different implications for policy on debt overhangs. In particular, the model allows for rational relending … part of a debt restructuring strategy - as it was recently for Mexico and the Philippines …

econometric evidence showing that volatility of expenditure was increased by debt overhang problems. Moreover, they also find …