Sovereign debt puzzles

Arbeitspapier

We review the state of the sovereign debt literature and point out that the canonical model of sovereign debt cannot be easily reconciled with several facts about sovereign debt pricing and servicing. We identify and classify twenty puzzles. Some are well known and documented, others are less so and are sometimes based on anecdotal evidence. We classify these puzzles into three categories: puzzles about how sovereigns issue debt; puzzles about the pricing of sovereign debt; and puzzles about sovereign default and the working out of defaults. We conclude by suggesting possible avenues for new research aimed at reconciling theory with what we observe in the real world.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Graduate Institute of International and Development Studies Working Paper ; No. HEIDWP27-2022

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Finance: General ; International Lending and Debt Problems ; International Financial Markets ; Contract Law
• Thema: Sovereign Debt ; Sovereign Default ; Public Debt

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bolton, Patrick ; Gulati, Mitu ; Panizza, Ugo
• Ereignis: Veröffentlichung
• (wer): Graduate Institute of International and Development Studies
• (wo): Geneva
• (wann): 2022

Weitere Informationen

• Handle: http://hdl.handle.net/10419/278324
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ