Data and Code for: Hidden Defaults by Horn, Reinhart and Trebesch

Principal Investigator(s): View help for Principal Investigator(s) Sebastian Horn; Carmen M. Reinhart; Christoph Trebesch

Version: View help for Version V1

Name	File Type	Size	Last Modified
HRT_HiddenDefaults_ReadMe.pdf	application/pdf	65.5 KB	02/15/2022 05:51:AM
HRT_HiddenDefaults_ReplicationFile.xlsx	application/vnd.openxmlformats-officedocument.spreadsheetml.sheet	1.1 MB	02/15/2022 05:47:AM
HRT_HiddenDefaults_RestructuringDataset.dta	application/x-stata-dta	846.8 KB	02/15/2022 05:41:AM
HRT_HiddenDefaults_StataFigures.do	text/plain	4.5 KB	02/15/2022 05:18:AM

Project Citation:

Horn, Sebastian, Reinhart, Carmen M., and Trebesch, Christoph. Data and Code for: Hidden Defaults by Horn, Reinhart and Trebesch. Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-04-07. https://doi.org/10.3886/E162501V1

Project Description

Summary: China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also the associated defaults remain “hidden”, as missed payments and restructuring details are not disclosed. This paper constructs an encompassing dataset of sovereign debt restructurings with Chinese lenders and finds that these credit events are surprisingly frequent, exceeding the number of sovereign bond or Paris Club restructurings. Chinese lenders follow a resolution approach reminiscent of 1980s Western lenders; they seldom provide deep debt relief with face value reduction. If history is any guide, multi-year debt workouts with serial restructurings lie in store.

Scope of Project

Subject Terms: Debt; Default; restructuring; China

JEL Classification:
      F21 International Investment; Long-term Capital Movements
      F34 International Lending and Debt Problems
      F42 International Policy Coordination and Transmission
      G15 International Financial Markets
      H63 National Debt; Debt Management; Sovereign Debt

Related Publications

Download this project

Published Versions

V1 [2022-04-07]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.