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Sovereign Debt Restructurings: A Survey on Concepts, Trends, Empirics, and Theory

Author

Listed:
  • Tamon Asonuma

    (International Monetary Fund)

  • Joo Hyungseok

    (University of Surrey)

  • Akira Sasahara

    (Keio University)

Abstract

Many sovereigns have issued external debt held by private creditors abroad. Sovereign debt restructurings might take place not only after sovereigns suffer a debt crisis but also preemptively without missing payments. The current paper provides a survey covering basic concepts and trends, empirics, and theory. First, we define concepts and the process of sovereign debt restructurings and overview recent trends in the last decade. Second, we explain empirical findings and theoretical implications on three issues: (i) the process and outcomes under preemptive debt restructurings; (ii) how business and financial cycles in creditor countries affect the process and the outcome of debt restructurings; and (iii) impacts of debt restructurings on the domestic economy and future borrowing.

Suggested Citation

  • Tamon Asonuma & Joo Hyungseok & Akira Sasahara, 2022. "Sovereign Debt Restructurings: A Survey on Concepts, Trends, Empirics, and Theory," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 18(1), pages 1-16, June.
    • Handle: RePEc:mof:journl:ppr18_01_02
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    File URL: https://www.mof.go.jp/english/pri/publication/pp_review/ppr18_01_02.pdf
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    More about this item

    Keywords

    sovereign debt; external debt; sovereign default; debt restructuring;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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