Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we...

The legal risks of sovereign default have grown significantly in recent decades. Since the 1980s, creditors have been increasingly...

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

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

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

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

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

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

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

We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign...

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

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to...

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of...

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

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

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we...

How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt renegotiation episodes...

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

Human trafficking is a humanitarian problem of global scale, but quantitative research on the issue barely exists. This paper is a...