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

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

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

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

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

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