| Autor: |
Erce, Aitor, Mallucci, Enrico, Picarelli, Mattia |
| Předmět: |
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| Zdroj: |
Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers; Mar2022, Issue 1338-1340, preceding p1-34, 35p |
| Abstrakt: |
We introduce a novel database on sovereign defaults that involve public debt in-struments governed by domestic law. By systematically reviewing a large number of sources, we identify 134 default and restructuring events of domestic debt instru-ments, in 52 countries from 1980 to 2018. Domestic-law defaults are a global phe-nomenon. Over time, they have become larger and more frequent than foreign-law defaults. Domestic-law debt restructurings proceed faster than foreign ones, often through extensions of maturities and amendments to the coupon structure. While face value reductions are rare, net-present-value losses for creditors are still large. Unilateral amendments and post-default restructuring are the norm, but negotiated pre-default restructurings are becoming increasingly frequent. We also document that domestic-law defaults typically involve debt denominated in local currency and held by resident investors. We complement our analysis with a collection/sovereign histories", which provide the fine details about each episode. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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