This paper surveys the recent literature on sovereign debt and relates it to the evolution of
the legal principles underlying the sovereign debt market and the experience of the most …

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 …

This paper empirically evaluates four types of costs that may result from an international
sovereign default: reputational costs, international trade exclusion costs, costs to the …

This paper analyzes sovereign bondholdings by 20,000 banks in 191 countries and 20
sovereign default episodes over 1998–2012, establishing two robust facts. First, banks hold …

Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and
Uruguay, framed by a comprehensive discussion of the history, economic theory, legal …

In this article, we review the empirical literature about sovereign debt and default. As we
survey the work of economists, historians, and political scientists, we also emphasize …

This paper proposes a set of fiscal indicators to assess rollover risks using the conceptual
framework developed by Cottarelli (2011). These indicators provide early warning signals …

Conventional wisdom says that, in the absence of default penalties, sovereign risk destroys
all foreign asset trade. We show that this conventional wisdom rests on one implicit …

We revisit the question whether sovereign ratings predict financial crises. In line with
previous studies, we find that ratings do not predict currency crises and are instead …

Countries must establish an effective early warning system to predict financial crises in order
to avoid their catastrophic effects. To this end, we construct early warning systems based on …