A review of recent quantitative studies on the International Monetary Fund reveals that much
of the conventional wisdom is incorrect. Recent studies have demonstrated a new degree of …

Country risk has become a topic of major concern for the international financial community
over the last two decades. The importance of country ratings is underscored by the existence …

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 …

The central objective of this paper is to develop a transparent, consistent, selfcontained, and
stable country risk rating system, closely approximating one of the major existing ones …

Most sovereign defaults are partial, with heterogeneous post-default outcomes, and
commodity prices are an important determinant of sovereign default and the subsequent …

In this paper, we apply newly developed methods called GAM & CQP and CMARS for
country defaults. These are techniques refined by us using Conic Quadratic Programming …

This paper analyzes how exchange rate policy affects the issuance and pricing of sovereign
bonds for developing countries. We find that countries with less flexible exchange rate …

The central objective of this paper is to develop a transparent, consistent, self-contained,
and stable country risk rating model, closely approximating the country risk ratings provided …

This paper presents direct evidence for relational contracts in sovereign bank lending.
Unlike the existing empirical literature, its instrumental variables method allows for …

We test the hypothesis of a link between exchange rate policy and sovereign bonds. We
analyze the effect of exchange rate policies on supply and credit spreads of sovereign …