This paper investigates the link between financial crises in developing countries and the variation of bank deposits in offshore financial centers. Using both a two-way fixed effects and a stacked difference-in-differences estimator, we find that after three years since the beginning of the...

This paper studies the relationship between sovereign debt default and sovereign credit risk by taking into account the depth of a debt restructuring and by distinguishing between commercial and official debt. We take different proxies for credit risk measures, such as rating agencies and...

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...

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...

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...

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...

This paper studies the impact of debt default on economic growth taking into account the depth of a debt restructuring. More specifically, creditors' losses (or haircuts) are used as proxies of the severity of the default episodes. Analyzing 89 defaults in 72 countries over the period 1979-2005,...

Over the last decade, both highly indebted countries and OECD countries have repurchased part of their outstanding debt, the former usually at substantial discounts on the face value. The main objectives of a debt repurchase are to reduce both the risks and the costs of debt service. The risk...

This paper studies the relationship between sovereign debt default and annual GDP growth distinguishing between private and official deals. Using the Synthetic Control Method to analyze 23 official and private defaulters from 1970 to 2017, we find that private defaults generate output losses...

This paper shows how public debt repurchases can be used to reduce the costs of debt service, under the hypothesis of asymmetry of information between the government and the private sector. At the beginning of a fiscal stabilisation, for example, a government typically does not enjoy full...