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Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2022

China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. We construct an encompassing dataset of...

Persistent link: https://www.econbiz.de/10012807855

Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

anticipate that the country has an incentive to default after a liquidity shock. Indeed, in the event of such a shock, we show … world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … reserves if the probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders …

Persistent link: https://www.econbiz.de/10013132969

Reserve Management and Sovereign Debt Cost in a World with Liquidity Crises

Corneli, Flavia - 2011

the country has an incentive to default after a liquidity shock. Indeed, we show that the country may choose to retain … world with liquidity crises and strategic default, we model a contracting game between international lenders and a country … probability of liquidity shocks is high enough; however the cost of debt increases in reserves when the lenders anticipate that …

Persistent link: https://www.econbiz.de/10013125687

Growth, Liquidity Provision, International Reserves, and Sovereign Debt Capacity

Xu, Yu - 2015

credit markets, liquidity demands rise in a country's domestic banking sector, which raise the probability of bank runs and …

Persistent link: https://www.econbiz.de/10013027906

Developing Countries’ Vulnerability to Debt Crisis; a Multi-County Empirical Analysis of Shocks

Nissah, Baseerit - 2019

This paper proposes the use of a more realistic alternative for estimating debt sustainability so that the continuum nature of the debt ratio is accommodated. Using the data for Latin America and Caribbean (LAC) and Sub Saharan African (SSA) countries, the study measures the degree of these...

Persistent link: https://www.econbiz.de/10012862820

Life After Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2018

This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the...

Persistent link: https://www.econbiz.de/10012908137

The Cost of Default : Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2015

This paper studies the relationship between sovereign debt default and (short term) GDP growth taking into account the depth of a debt restructuring and distinguishing between commercial and official sovereign debt restructurings. Analyzing default episodes in 117 countries over the period...

Persistent link: https://www.econbiz.de/10013009492

Restructuring sovereign bonds : holdouts, haircuts and the effectiveness of CACs

Fang, Chuck; Schumacher, Julian; Trebesch, Christoph - 2021 - This version: November 2020

Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond restructurings with external...

Persistent link: https://www.econbiz.de/10012405397

Sovereign haircuts : 200 years of creditor losses

Luckner, Clemens von <Graf>; Meyer, Josefin; Reinhart, … - 2024

We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the...

Persistent link: https://www.econbiz.de/10014557831

Life after Default? Private vs. Official Sovereign Debt Restructurings

Marchesi, Silvia - 2017

This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between commercial and official sovereign debt restructurings. Analyzing 73 default episodes in 117 countries over the period...

Persistent link: https://www.econbiz.de/10012965600

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