This recently completed thesis provides an overview of the historical and current trends in international debt crises, especially concerning sovereign borrowing and lending practices. Particular attention is given to the rise of litigious vulture funds, as well as the possibilities of developing...

IMF programs are often considered to carry a "stigma" that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...