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...

I isolate the effect of the foreign currency on the loan performance of firms borrowing in different currencies in crisis time. I use a novel micro-level dataset from Hungary to decompose the factors contributing to the higher loan deterioration of foreign currency borrowers compared to local...