This paper surveys the recent literature on sovereign debt and relates it to the evolution of
the legal principles underlying the sovereign debt market and the experience of the most …

This paper extends the baseline framework used in recent quantitative studies of sovereign
default by assuming that the government can borrow using long-duration bonds. This …

We measure the effects of debt dilution on sovereign default risk and study debt covenants
that could mitigate these effects. We calibrate a baseline model with endogenous debt …

We study the sovereign default model that has been used to account for the cyclical
behavior of interest rates in emerging market economies. This model is often solved using …

Emerging countries tend to default when their economic conditions worsen. If harsh
economic conditions in an emerging country correspond to similar conditions for the US …

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 extend the model used in recent quantitative studies of sovereign default, allowing
policymakers of different types to stochastically alternate in power. We show that a default …

In this article, we study the interplay between political factors and default decisions. First, we
survey two branches of theoretical studies. One shows that governments may be willing to …

We study the pricing, design, and desirability of sovereign state-contingent debt instruments.
Using a sovereign default model with lenders who fear model misspecification, we find that …

Sovereign state-contingent instruments (SCDIs) have been suggested as complements or
alternatives to traditional sovereign debt instruments for a long time, but with little uptake …