China is the world's largest official creditor, but we lack basic facts about the terms and
conditions of its lending. Very few contracts between Chinese lenders and their government …

This paper surveys the literature on sovereign debt from the perspective of understanding
how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe …

This chapter is on quantitative models of sovereign debt crises in emerging economies. We
interpret debt crises broadly to cover all of the major problems a country can experience …

Sovereign debt crises involve debt restructurings characterized by a mix of face value
haircuts and maturity extensions. The prevalence of maturity extensions has been hard to …

Sovereign governments owe debt to many foreign creditors and can choose which creditors
to favor when making payments. This paper documents the de facto seniority structure of …

What is the optimal fiscal policy response to a recession when the government is subject to
sovereign risk? We study this question in a model of endogenous sovereign default with …

We study fiscal rules using a sovereign default model. A debt-brake (spread-brake) rule
imposes a ceiling on the fiscal deficit when the sovereign debt (spread) is above a threshold …

We document that countries partially default often and with varying intensity, resulting in
lengthy episodes and hump-shaped patterns for partial default and debt. Default episodes …

In this article, I show that the key aspects of sovereign debt crises can be rationalized as part
of the efficient risk-sharing arrangement between a sovereign borrower and foreign lenders …

How will sovereign debt markets evolve in the 21st century? We survey how the literature
has responded to the eurozone debt crisis, placing" lessons learned" in historical …