The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have … renegotiation in sovereign debt restructurings. Critically, the model also endogenizes the choice of debt maturity, an essential …

productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impulse responses …-term debt does not shield the country from bad news shocks, and it may even exacerbate default risk. Finally, an increase in the … precision of news allows the government to improve its debt maturity management, especially during periods of high stress in …

We document that creditor losses ("haircuts") during sovereign debt restructurings vary across debt maturity. In our … findings under two assumptions, both of which are satisfied in the data: increasing short-run restructuring risk in the run …-up to a restructuring, and high exit yields. We relate our findings to the policy debate on restructuring procedures. …

debt resolution process in case of restructuring. …

essential features of debt: maturity choice and debt renegotiation in default. We find, first, that a rule that tilts the … restructurings also reduces the probability of default, especially of defaults in the five years following a debt restructuring. The …The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered …

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 … exchanges in the same default spell, are on the rise. To account for this trend toward serial renegotiation, we introduce the …

China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed …