Collateralized sovereign debt can be said to be a rarity that nonetheless creates significant troubles. Countries under stress resort to it as a way to gain market access at more reasonable terms. But the recourse to these kind of instruments, frequently based on commodity flows, limits their...

The global recession caused by the COVID-19 pandemic and the resulting deterioration in many countries’ public finances have increased the risk of sovereign debt crises. Although crisis prevention remains paramount, these developments have made it imperative to re-examine the adequacy of the...