RT Journal Article
SR Electronic
T1 Sovereign Debt Restructurings: <em>An Overview of the Empirical Literature</em>
JF The Journal of Investing
FD Institutional Investor Journals
SP 56
OP 64
DO 10.3905/joi.2018.27.3.056
VO 27
IS 3
A1 Tamon Asonuma
A1 Aitor Erce
A1 Akira Sasahara
YR 2018
UL https://pm-research.com/content/27/3/56.abstract
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