Sovereign debt restructurings do constitute a recurrent phenomenon in emerging and developing economies. Consequently … workouts, of which the debate on the Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF in 2002 is the most … consolidating debt restructurings as market-led case-by-case processes. This paper reviews nine recent sovereign debt restructurings …

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative … the Policy of Lending Into Arrears. We find that the IMF can potentially exert a substantial influence on sovereign debt … sovereign debt restructurings. In part, this reflects the flexibility with which the IMF has adapted its intervention to country …

We study the effects of the adoption of collective action clauses (CACs) on government bond yields by exploiting … secondary market data on sovereign bonds quoted in international markets from March 2007 to April 2011. CACs are assessed … of the issuer. While the impact is negligible for the highest ratings, a significant yield discount emerges for mid …

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

leading to the crisis depend on the policy response to restore lending. We focus on two responses, default and policy …

We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to … sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with higher growth. Our …

We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to … sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with higher growth. Our …

We study the effects of the adoption of collective action clauses (CACs) on government bond yields by exploiting …. While the impact is negligible for the highest ratings, there emerges a significant yield discount for mid-ratings, which is … unless the perceived probability of default is too small. Nevertheless, at low ratings this relevance can be weakened by an …

We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model … obtained by a sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with …

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …