Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2021 - This draft: December2021
foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to … 300 sovereign debt restructurings since 1815, we show that full repudiation is rare; the median creditor loss (haircut) is …