Sovereign debt crises involve debt restructurings characterized by a mix of face-value haircuts and maturity extensions … extensions upon restructurings: income recovery after default, credit exclusion after restructuring, and regulatory costs of book …. The prevalence of maturity extensions has been hard to reconcile with economic theory. We develop a model of endogenous …

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 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 …

have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have … (IMF or "the Fund") and with a special attention to the role that the Fund can play in facilitating orderly restructuring …

are going through balance of payments crises. We then try to decipher whether the actual lending pattern of the IMF …