External sovereign debt restructurings: Delay and replay

Clemens Graf von Luckner, Josefin Meyer, Carmen Reinhart and Christoph Trebesch

MPRA Paper from University Library of Munich, Germany

Abstract: Today, more than half of low-income countries eligible for relief under the Debt Service Suspension Initiative (DSSI) are either in debt distress or at high risk. Several emerging markets have either recently restructured (Argentina and Ecuador) or remain in default (Lebanon, Surinam, and Venezuela). In this context, we review some of the features of external sovereign debt restructurings. We show that default spells are lengthy and that the road to debt-crisis resolution is often littered with serial restructuring agreements.

Keywords: external debt; default; crises; restructuring (search for similar items in EconPapers)
JEL-codes: E6 F3 G01 (search for similar items in EconPapers)
Date: 2021-03-30, Revised 2021-03-30
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published in VoxEU (2021): pp. 1-7

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/117470/1/VoxEU_March_30_2021.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:117470

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().