Improving Sovereign Debt Restructurings

54 Pages Posted: 27 Nov 2019

See all articles by Maximiliano A. Dvorkin

Maximiliano A. Dvorkin

Federal Reserve Banks - Federal Reserve Bank of St. Louis

Juan M. Sánchez

Federal Reserve Banks - Federal Reserve Bank of St. Louis; Federal Reserve Banks - Federal Reserve Bank of St. Louis

Horacio Sapriza

Board of Governors of the Federal Reserve System

Emircan Yurdagul

Universidad Carlos III de Madrid

Date Written: November, 2019

Abstract

The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings. The global financial crisis and the recent global pandemic have further reignited this discussion among academics and policymakers. A key question about these policy proposals for debt restructurings that has proved hard to handle is how they influence the behavior of creditors and debtors. We address this challenge by evaluating policy

Keywords: Crises, GDP-indexed Debt, Distribution of Creditor Losses, Default, Sovereign Debt, Maturity, Restructuring, Country Risk, International Monetary Fund

JEL Classification: F34, F41, G15

Suggested Citation

Dvorkin, Maximiliano A. and Sanchez, Juan M. and Sanchez, Juan M. and Sapriza, Horacio and Yurdagul, Emircan, Improving Sovereign Debt Restructurings (November, 2019). FRB St. Louis Working Paper No. 2019-36, Available at SSRN: https://ssrn.com/abstract=3494066 or http://dx.doi.org/10.20955/wp.2019.036

Maximiliano A. Dvorkin (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of St. Louis ( email )

411 Locust St
Saint Louis, MO 63011
United States

Juan M. Sanchez

Federal Reserve Banks - Federal Reserve Bank of St. Louis ( email )

411 Locust St
Saint Louis, MO 63011
United States

Federal Reserve Banks - Federal Reserve Bank of St. Louis ( email )

411 Locust St
Saint Louis, MO 63011
United States

Horacio Sapriza

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Emircan Yurdagul

Universidad Carlos III de Madrid

CL. de Madrid 126
Madrid, Madrid 28903
Spain

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