Asonuma, Tamon; Chamon, Marcos; Erce, Aitor; Sasahara, Akira - 2019
Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The …, without missing payments to creditors, or whether it takes place after a default has occurred. Post-default restructurings are … banking crisis than pre-emptive restructurings. Our local projection estimates show large declines in GDP, investment, and …