This paper estimates bond-by-bond ""haircuts""-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...

This paper estimates bond-by-bond haircuts realized investor losses in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values of...

We calculate investor losses ("haircuts") and recovery values in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing...

This paper presents a non-technical survey of the modern literature on international government debt. In doing so, it aims to match predictions made by theoretical models with the existing empirical evidence and to identify the models that best explain the real world experience of sovereign debt...