Debt in emerging markets and developing economies is at its highest level in half a century.
In about 9 in 10 emerging markets and developing economies, debt is higher now than it …

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 …

A main puzzle in the sovereign debt literature is that defaults have only minor effects on
subsequent borrowing costs and access to credit. This paper comes to a different …

This article examines the issue of cross-sectional correlation in event studies. When there is
event-date clustering, we find that even relatively low cross-correlation among abnormal …

Research on the macroeconomic impact of capital account liberalization finds few, if any,
robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue …

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 …

We construct measures of net private and public capital flows for a large cross-section of
developing countries considering both creditor and debtor side of the international debt …

We use micro-level data to analyze emerging markets' private sector access to international
debt markets during sovereign debt crises. We find that these crises are systematically …

This paper studies sovereign debt relief in a long-term perspective. We quantify the relief
achieved through default and restructuring in two distinct samples: 1920–1939, focusing on …

How costly are sovereign debt crises? In this paper we study output losses during sovereign
default and debt renegotiation episodes since 1980. In contrast to previous work, we …