Data and Code for: Sovereign Debt in the 21st Century

Principal Investigator(s): View help for Principal Investigator(s) Kris James Mitchener, Santa Clara University; Christoph Trebesch, Kiel Institute for the World Economy

Version: View help for Version V1

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Data and Code for: Sovereign Debt in the 21st Century		0

Project Citation:

Mitchener, Kris James, and Trebesch, Christoph. Data and Code for: Sovereign Debt in the 21st Century. Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-05-25. https://doi.org/10.3886/E166561V1

Project Description

Summary:

This data accompanies the forthcoming survey article "Sovereign Debt in the 21st Century" by Kris Mitchener and Christoph Trebesch, forthcoming in the Journal of Economic Literature

Abstract

How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing “lessons learned” in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign “doom-loop” and the propagation of sovereign risk to households and firms; (iii) roll-over problems and self-fulfilling crisis dynamics; (iv) severe debt distress without outright sovereign defaults; (v) large-scale sovereign bailouts from abroad; and (vi) creditor threats to litigate and hold out in a debt restructuring. Many of these characteristics were already present in historical debt crises and are likely to remain relevant in the future. Looking forward, our survey points to a growing role of sovereign-bank linkages, legal risks, domestic debt and default, and of official creditors, due to new lenders such as China as well as the increasing dominance of central banks in global debt markets. Questions of debt sustainability and default will remain acute in both developing and advanced economies.

Scope of Project

Subject Terms: Sovereign Debt; Sovereign Default; Government debt

JEL Classification:
F34 International Lending and Debt Problems
F40 Macroeconomic Aspects of International Trade and Finance: General

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V1 [2023-05-25]

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