economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination … current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through … toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms …

facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the … the international “rules of the game†for dealing with sovereign debt crises. These rules rest on two main pillars. The … designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary …

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition … liabilities (NFL) to GDP is a significant crisis predictor, and the more so when it exceeds 50 percent in absolute terms and 20 … percent of the country-specific historical mean. This is primarily due to net external debt--the effect of net equity …

debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was … times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives … crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe …

countries, the debt of countries in the Global South has been at a dramatically high level for years. High debt service payments …Triggered by both low interest rates in rich countries and high financing needs for infrastructure in many poorer … great risk. Nevertheless, creditors and their institutions have failed to take determined steps to tackle the crisis …

spread of collective action clauses, much remains to be done in the area of debt restructuring. In this regard, it proposes a …This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments …

The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have … fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that … has proved hard to handle is how they in influence the behavior of creditors and debtors. We address such challenge by …