Over the past 40 years, the International Monetary Fund (IMF) has played a central role in the sovereign debt … restructuring process. If the COVID-19 pandemic leads to a significant wave of sovereign debt distress, this role will be closely … stage of the sovereign debt restructuring process. It also identifies a number of issues that the IMF will likely have to …

We document that creditor losses ("haircuts") during sovereign debt restructurings vary across debt maturity. In our …- than long-term debt, independently of the specific haircut measure we use. A standard asset pricing model rationalizes our …

countries, the debt of countries in the Global South has been at a dramatically high level for years. High debt service payments …

Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors … refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new …

monetary union and other assets. We firstly analyse a country's debt choice, assuming as a benchmark case that the no …