The BoC-BoE Sovereign Default Database: What’s New In 2019?

52 Pages Posted: 30 Sep 2019

See all articles by David Beers

David Beers

Bank of England

Patrisha de Leon-Manlagnit

Government of Canada - Bank of Canada

Date Written: September 27, 2019

Abstract

Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE). Our database draws on previously published datasets compiled by various public and private sector sources. It combines elements of these, together with new information, to develop comprehensive estimates of stocks of government obligations in default. These include bonds and other marketable securities, bank loans and official loans, valued in US dollars, for the years 1960 to 2018 on both a country-by-country and a global basis. This update of the BoC-BoE database, and future updates, will be useful to researchers analyzing the economic and financial effects of individual sovereign defaults and, importantly, the impact on global financial stability of episodes involving multiple sovereign defaults.

Keywords: development economics, financial stability, international financial markets, public debt management, sovereign default

JEL Classification: F34, G10, G14, G15

Suggested Citation

Beers, David and de Leon-Manlagnit, Patrisha, The BoC-BoE Sovereign Default Database: What’s New In 2019? (September 27, 2019). Bank of England Working Paper No. 829, September 2019, Available at SSRN: https://ssrn.com/abstract=3460540 or http://dx.doi.org/10.2139/ssrn.3460540

David Beers (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom
02034616137 (Phone)

Patrisha De Leon-Manlagnit

Government of Canada - Bank of Canada ( email )

234 Wellington Street
Ontario, Ottawa K1A 0G9
Canada

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