Sovereign debt disputes: A database on government coerciveness during debt crises

Henrik Enderlein, Christoph Trebesch and Laura von Daniels

Journal of International Money and Finance, 2012, vol. 31, issue 2, 250-266

Abstract: This paper measures “debt disputes” between governments and foreign private creditors in periods of sovereign debt crises. We construct an index of government coerciveness, consisting of 9 objective sub-indicators. Each of these sub-indicators captures unilateral government actions imposed on foreign banks and bondholders. The results provide the first systematic account of debt crises that goes beyond a binary categorization of default versus non-default. Overall, government behavior and rhetoric show a strong variability, ranging from highly confrontational to very smooth crisis resolution processes. In a preliminary analysis on the determinants of coercive behavior, we find political institutions to be significant, while economic and financial factors play a lesser role. These results open up an agenda for future research.

Keywords: Sovereign default; Debt restructuring; Crisis resolution (search for similar items in EconPapers)
JEL-codes: F34 F51 G15 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (28)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:31:y:2012:i:2:p:250-266

DOI: 10.1016/j.jimonfin.2011.11.011

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