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Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts
Author:
Christoph Trebesch null

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Mr. Michael G. Papaioannou
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Mr. Udaibir S Das
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Series:
IMF Working Papers
Volume/Issue:
Volume 2012: Issue 203
Language:
English
Publication Date:
01 Aug 2012
DOI:
https://doi.org/10.5089/9781475505535.001
ISBN:
9781475505535
ISSN:
1018-5941
Pages:
128
Keywords:
WP; short-term debt; debt limit; bank debt; sovereign bond; Sovereign Default; Debt Restructuring; long-term debt; bond issue; debt ratio; institutional investor; nominal interest rate; Bonds; Sovereign debt restructuring; Global; Europe; Caribbean
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund