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 … "Bulow-Rogoff haircut" - a cumulative measure that captures the combined creditor loss across all restructurings during a …

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …