, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fiscal efforts and …This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and … in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt …

suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard …As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment … standstill also implies capital losses for creditors of between 9% and 27%, which is consistent with their reluctance to …

strengthened by ensuring that sub-national taxing powers are adequate to meet spending obligations …

debt sustainability over the next decade, taking into account alternative recovery scenarios and associated fiscal … persistent economic effects of the pandemic, risks to the Dutch fiscal and debt sustainability would remain contained …

This note examines the efficiency gains that might result from market-based debt reduction and alternative uses of … future output. Resources provided by a third party could reduce this gap through market-based debt reduction or by supporting … resources, it seems likely that an optimal strategy would include both debt reduction and government investment …

Do Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang? Is debt relief going to improve their growth … rates? To answer these important questions, we look at how the debt-growth relationship varies with indebtedness levels and … relationship between debt and growth at intermediate levels of debt, but not at very low debt levels, below the “debt overhang …

on why some governments may choose to consolidate through taxes even at the cost of economic growth. Indeed, if spending …

behavior of revenues, nonwage expenditures, and the overall fiscal balance in response to changes in the wage bill. We show …

Public and private sector balance sheets are an important component to any analysis of debt sustainability. A … paper, we document empirical regularities in the behavior of macroeconomic variables during debt crises, and show how both …