PT - JOURNAL ARTICLE AU - Tamon Asonuma AU - Aitor Erce AU - Akira Sasahara TI - Sovereign Debt Restructurings: <em>An Overview of the Empirical Literature</em> AID - 10.3905/joi.2018.27.3.056 DP - 2018 Aug 31 TA - The Journal of Investing PG - 56--64 VI - 27 IP - 3 4099 - https://pm-research.com/content/27/3/56.short 4100 - https://pm-research.com/content/27/3/56.full AB - Emerging markets (EMs) and low-income countries (LIC) have experienced sovereign debt restructurings over decades. Moreover, sovereign default and restructurings are not only prominent in EMs and LICs, but also in advanced markets (AMs). With this background, we provide a survey of recent growing empirical literature on sovereign debt restructurings. We review four major streams of literature: (i) country case studies, (ii) private external debt restructurings, (iii) official external debt restructurings, and (iv) domestic debt restructurings. These streams of literature are completely complementary, and together cover the leading-edge issues in the area of sovereign debt.TOPICS: Fixed income and structured finance, emerging, financial crises and financial market history