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 …

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 …

This paper empirically investigates the relationship between the speed of buildup of private debt (household and … basis of how quickly their private debt builds up. In addition to output recessions, we look at consumption and investment … corporate debt is especially damaging for emerging markets during financial recessions. A higher ratio of debt to gross domestic …

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 …