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...

How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing...

A Rare Look into 100 Debt Contracts With Foreign Governments Through a systematic search of debt information management systems, official...

Sovereign debt crises are difficult to solve. This paper studies the “holdout problem”, meaning the risk that creditors refuse to participate...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper...

Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in...

Kiel Policy Brief No. 136: The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued and...

Among 41 populist governments of the past 50 years, there are only 9 cases in which the populists left office in a regular manner. In the...

The 2008 financial crisis was devastating to the world economy. But the biggest cost of the crisis might be not economic but political.

KBW 24: According to a recent German-French proposal, a financial market transaction tax (FTT) at a rate of 0.2% on the purchase of securities...

Kiel Policy Brief No. 122: In their paper, the authors warn of a new trend towards autarky under the catchword of "technology sovereignty",...

We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of Greek...

We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known...

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt...

For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case....

Sovereign debt restructurings can be implemented preemptively—prior to a payment default. We code a comprehensive new data set and find that...