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 surveys the state of the economic literature examining the aggregate impacts of
natural disasters. The paper reviews the main disaster data sources available, discusses the …

The euro area continues to suffer from critical weaknesses that are the result of a poorly
designed fiscal and financial architecture, but its members are divided on how to address …

Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and
Uruguay, framed by a comprehensive discussion of the history, economic theory, legal …

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 …

Blame the Midwest. Tender academic minds often need peace and quiet to get down to
business. We first met in the delightful town of La Crosse, Wisconsin (also known as “Mud …

The frequency and virulence of recent financial crises have led to calls for reform of the
current international financial architecture. In an effort to learn more about today's …

A widespread view holds that countries that finance themselves through foreign direct
investment and portfolio equity, rather than bonds and loans, are less prone to crises. But …

We examine the role of public debt in financial development. The literature has highlighted
its supportive role through providing collateral and benchmark. We contrast this “safe asset” …

Debt sustainability is an essential attribute of good macroeconomic policies but its precise
definition is elusive and its assessment is even more challenging. The IMF has developed a …