A journey in the history of sovereign defaults on domestic law public debt
| dc.contributor.author | Erce, Aitor | |
| dc.contributor.author | Mallucci, Enrico | |
| dc.contributor.author | Picarelli, Mattia | |
| dc.contributor.department | Economía | es_ES |
| dc.contributor.department | Ekonomia | eu |
| dc.date.accessioned | 2022-01-12T12:53:05Z | |
| dc.date.available | 2022-01-12T12:53:05Z | |
| dc.date.issued | 2021 | |
| dc.description.abstract | We introduce a novel database on sovereign defaults that involve public debt instruments governed by domestic law. By systematically reviewing a large number of sources, we identify 132 default and restructuring events of domestic debt instruments, in 50 countries from 1980 to 2018. Domestic-law defaults are a global phenomenon. Over time, they have become larger and more frequent than foreign-law defaults. Domestic-law debt restructurings are achieved 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. Finally, we document that domestic defaults are widely heterogeneous and we complement our analysis with a collection of documents, named ‘sovereign histories’, that provide the fine details about each default episode. | en |
| dc.format.extent | 35 p. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/41748 | |
| dc.language.iso | eng | en |
| dc.relation.ispartofseries | Documentos de Trabajo DE - ES Lan Gaiak | es_ES |
| dc.relation.ispartofseries | 2106 | |
| dc.rights | CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
| dc.subject | Public debt | en |
| dc.subject | Sovereign default | en |
| dc.subject | Domestic law | en |
| dc.subject | Database | en |
| dc.title | A journey in the history of sovereign defaults on domestic law public debt | en |
| dc.type | info:eu-repo/semantics/workingPaper | |
| dspace.entity.type | Publication |