Die Frage der Staateninsolvenz ist durch die gegenwärtige Finanzkrise besonders aktuell. Gleichwohl handelt es sich dabei keineswegs um ein neues Phänomen. Die bisherige Praxis war meist durch Ad-hoc-Lösungen im Rahmen des sogenannten Pariser oder Londonder Klubs gekennzeichnet. Der...

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 dataset of 23 bond restructurings with external...

We analyze the effects of government spending in a New-Keynesian model with search and matching frictions featuring endogenous growth through learning-by-doing and skill loss from long-term unemployment. We show that medium-run and long-run output and unemployment multipliers are much larger...