This article surveys the literature on sovereign debt sustainability from its origins in the mid-
1980s to the present and focuses on four debates. First, we evaluate the shift from an …

This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

We assess the yield impact of asset purchases within the European Central Bank׳ s (ECB)
Securities Markets Programme (SMP) in five euro area sovereign bond markets from 2010 …

Sovereign debt restructurings can be implemented preemptively—prior to a payment default.
We code a comprehensive new data set and find that preemptive restructurings (i) are …

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a
comprehensive view of the ECB's monetary policy over these two decades. The first section …

In 2007, countries in the euro zone periphery were enjoying stable growth, low deficits, and
low spreads. Then the financial crisis erupted and pushed them into deep recessions …

We study slow moving debt crises: self-fulfilling equilibria in which high interest rates, due to
the fear of a future default, lead to a gradual but faster accumulation of debt, ultimately …

We introduce a new measure of emerging market sovereign credit risk: the local currency
credit spread, defined as the spread of local currency bonds over the synthetic local …

Why does Japan defy gravity with gross public debt levels above 200 percent of GDP and
others default on a considerably smaller stock of obligations (eg, 30 percent of GDP in …

We provide a comprehensive account of the evolution of the currency composition of
sovereign and corporate external borrowing by emerging markets from 2003 to 2017. We …