This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency...

China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also...

This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency...

This paper studies sovereign debt relief in a long-term perspective. We quantify the relief achieved through default and restructuring in two...

Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek...

A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple...

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to...

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows,...

Compared with China’s dominance in world trade, its expanding role in global finance is poorly documented and understood.