We empirically characterize how China is internationalizing the Renminbi by staggering the
entry of different types of foreign investors into its domestic bond market and propose a …

What is the role of credit scores in credit markets? We argue that it is, in part, the market's
assessment of a person's unobservable type, which here we take to be patience. We …

How reliable are public debt statistics? This paper quantifies the magnitude, characteristics,
and timing of hidden debt by tracking ex post data revisions across a comprehensive new …

In this lecture, I revisit whether sovereign debt markets have delivered on their promise of
fostering growth and enhancing risk sharing in emerging and developing economies. I use …

We formulate a reputational model in which the type of government is time varying and
private information. Agents adjust their beliefs about the government's type (ie, reputation) …

This paper presents a continuous-time reputation model of sovereign debt allowing for both
varying levels of partial default and full default. In it, a government can be a nonstrategic …

We investigate the effect of uncertainty about the nature of output costs of sovereign default
on debt tolerance. While the theoretical literature assumes output losses lasting until market …

Sovereign countries do not necessarily repay all its creditors. There is a clear pecking order
in which official multilateral lenders–ie mainly the International Monetary Fund and the …

This paper assesses the sovereign debt management of emerging economies in terms of
constrained Pareto efficiency. I derive a market economy in which a sovereign borrower …

We study how countries compete to become an international safe asset provider.
Governments in our model issue debt to a common set of investors, resulting in competition …