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- February 2018
- Article
Financial Repression in the European Sovereign Debt Crisis
By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
Keywords: Credit Cycles; Sovereign Debt; Financial Repression; Sovereign Finance; Borrowing and Debt; Credit; Europe
Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Review of Finance 22, no. 1 (February 2018): 83–115.
- 2014
- Working Paper
Financial Repression in the European Sovereign Debt Crisis
By: Bo Becker and Victoria Ivashina
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a... View Details
Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Working Paper, April 2014.
- 2019
- Working Paper
Undisclosed Debt Sustainability
By: Laura Alfaro and Fabio Kanczuk
Over the past decade, non–Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details
Keywords: Sovereign Debt; Transparency; Sustainability; Sovereign Finance; Borrowing and Debt; Information; China
Alfaro, Laura, and Fabio Kanczuk. "Undisclosed Debt Sustainability." Harvard Business School Working Paper, No. 20-043, September 2019.
- Article
Market Reactions to Sovereign Litigation
By: Faisal Z. Ahmed and Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede... View Details
Keywords: Sovereign Debt; Litigation; Vulture Funds; Argentina; Sovereign Finance; Lawsuits and Litigation; Markets; Argentina
Ahmed, Faisal Z., and Laura Alfaro. "Market Reactions to Sovereign Litigation." Capital Markets Law Journal 12, no. 2 (April 2017): 141–163.
- Fast Answer
Sovereign debt ratings
Where can I find sovereign (national) debt ratings? Bloomberg give current ratings by Standard & Poor's, Moody's and Fitch. Hit the yellow GOVT key, type TK, then hit GO. Select desired country... View Details
- January 2004 (Revised March 2004)
- Case
Redesigning Sovereign Debt Restructuring Mechanisms
By: Mihir A. Desai, Christina Pham, Julia Stevens and Kathleen Luchs
How should the debt of sovereign countries be restructured when countries approach default? Anne O. Krueger of the International Monetary Fund (IMF) is proposing a new approach to sovereign defaults: the Sovereign Debt Restructuring Mechanism (SDRM). The SDRM would... View Details
Keywords: Sovereign Finance; Insolvency and Bankruptcy; Globalized Economies and Regions; International Finance; Laws and Statutes; Latin America; Asia; Mexico
Desai, Mihir A., Christina Pham, Julia Stevens, and Kathleen Luchs. "Redesigning Sovereign Debt Restructuring Mechanisms." Harvard Business School Case 204-110, January 2004. (Revised March 2004.)
- 2019
- Working Paper
Fiscal Rules and Sovereign Default
By: Laura Alfaro and Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt... View Details
Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
- February 2009
- Article
Optimal Reserve Management and Sovereign Debt
By: Laura Alfaro and Fabio Kanczuk
Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming... View Details
Keywords: Borrowing and Debt; Motivation and Incentives; Decisions; Emerging Markets; Balance and Stability; Earnings Management; Policy; Interest Rates; International Finance; Cost
Alfaro, Laura, and Fabio Kanczuk. "Optimal Reserve Management and Sovereign Debt." Journal of International Economics 77, no. 1 (February 2009): 23–36. (Also Harvard Business School Working Paper, No. 07-010, 2006 and NBER Working Paper No. 13216.)
- 2007
- Working Paper
Optimal Reserve Management and Sovereign Debt
By: Laura Alfaro and Fabio Kanczuk
Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming... View Details
- 05 Sep 2006
- Working Paper Summaries
Optimal Reserve Management and Sovereign Debt
Keywords: by Laura Alfaro & Fabio Kanczuk
- June 2019
- Article
Debt Redemption and Reserve Accumulation
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own... View Details
Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; Sovereign Finance; Borrowing and Debt; Bonds; Financial Markets; Developing Countries and Economies
Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
- March 2006
- Teaching Note
Redesigning Sovereign Debt Restructuring Mechanisms (TN)
By: Mihir A. Desai and Kathleen Luchs
- Research Summary
Optimal Reserve Management and Sovereign Debt (with Fabio Kanczuk)
By: Laura Alfaro
Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. Some of the implications of this analysis, however, may not be generalized once one considers the joint decision to hold debt and reserves by a... View Details
- 2006
- Working Paper
Optimal Reserve Management and Sovereign Debt
By: Laura Alfaro and Fabio Kanczuk
Alfaro, Laura, and Fabio Kanczuk. "Optimal Reserve Management and Sovereign Debt." Harvard Business School Working Paper, No. 07-010, August 2006. (Also NBER Working Paper No. 13216. NBER Working Paper Series, No. 13216, July 2006)
- 07 Oct 2016
- Working Paper Summaries
Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
- Spring 2015
- Article
Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling
By: Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede... View Details
Alfaro, Laura. "Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling." Harvard Business Law Review 5, no. 1 (Spring 2015): 47–71.
- fall 2010
- Article
Lawsuits and Empire: On the Enforcement of Sovereign Debt in Latin America
By: Faisal Z. Ahmed, Laura Alfaro and Noel Maurer
The re-occurring phenomenon of sovereign default has prompted an enormous theoretical and empirical literature. Most of this research has focused on why countries ever chose to pay their debts (or why private creditors ever expected repayment). The problem originates... View Details
Keywords: Lawsuits and Litigation; Insolvency and Bankruptcy; Sovereign Finance; Borrowing and Debt; Debt Securities; Motivation and Incentives; Markets; Equity; Banking Industry; Latin America
Ahmed, Faisal Z., Laura Alfaro, and Noel Maurer. "Lawsuits and Empire: On the Enforcement of Sovereign Debt in Latin America." Law and Contemporary Problems 73, no. 4 (fall 2010): 39–46.
- March 2005
- Article
Sovereign Debt As a Contingent Claim: A Quantitative Approach
By: Laura Alfaro and Fabio Kanczuk
We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one... View Details
Keywords: Sovereign Finance; Borrowing and Debt; Interest Rates; Balance and Stability; Risk and Uncertainty; Risk Management; Mathematical Methods; Management Style; Segmentation; Debt Securities; Banking Industry
Alfaro, Laura, and Fabio Kanczuk. "Sovereign Debt As a Contingent Claim: A Quantitative Approach." Journal of International Economics 65, no. 2 (March 2005).
- Article
Sovereign Debt Buybacks Can Lower Bargaining Costs
By: J. J. Rotemberg
Rotemberg, J. J. "Sovereign Debt Buybacks Can Lower Bargaining Costs." Journal of International Money and Finance 10, no. 3 (September 1991): 330–348.
- 1990
- Book
Market-Based Debt Reduction for Developing Countries: Principles and Prospects
By: K. Froot, S. Claessens, I. Diwan and P. Krugman
Keywords: Debt Reduction; Chapter 7; Default; Debt Restructuring; Sovereign Debt; Debt Crisis; Borrowing and Debt
Froot, K., S. Claessens, I. Diwan, and P. Krugman. Market-Based Debt Reduction for Developing Countries: Principles and Prospects. Washington, D.C.: World Bank, 1990.