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Sovereign Debt – A Guide for Economists and Practitioners - Oxford Scholarship Online
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Sovereign Debt: A Guide for Economists and Practitioners

S. Ali Abbas, Alex Pienkowski, and Kenneth Rogoff

Abstract

The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude—for better or for worse—will play out over the coming decades. This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, p ... More

Keywords: Sovereign debt, public debt, government debt, crises, fiscal policy, international monetary system

Bibliographic Information

Print publication date: 2019 Print ISBN-13: 9780198850823
Published to Oxford Scholarship Online: December 2019 DOI:10.1093/oso/9780198850823.001.0001

Authors

Affiliations are at time of print publication.

S. Ali Abbas, editor
Deputy Chief, Debt Policy Division, Strategy, Policy and Review Department, International Monetary Fund

Alex Pienkowski, editor
Economist, European Department, International Monetary Fund

Kenneth Rogoff, editor
Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University, USA

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Contents

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Introduction

S. Ali Abbas, Alex Pienkowski, and Kenneth Rogoff

1 Public Debt through the Ages

Barry Eichengreen, Asmaa El-Ganainy, Rui Pedro Esteves, and Kris James Mitchener

2 Concepts, Definitions and Composition

Serkan Arslanalp, Wolfgang Bergthaler, Philip Stokoe, and Alexander F. Tieman

3 The Motive to Borrow

Antonio Fatás, Atish R. Ghosh, Ugo Panizza, and Andrea F. Presbitero

4 Debt Sustainability

Xavier Debrun, Jonathan D. Ostry, Tim Willems, and Charles Wyplosz

5 Debt Management

Thordur Jonasson, Michael G. Papaioannou, and Mike Williams

6 Reducing Debt Short of Default

Tom Best, Oliver Bush, Luc Eyraud, and M. Belen Sbrancia

7 Sovereign Default

Julianne Ams, Reza Baqir, Anna Gelpern, and Christoph Trebesch

8 The Restructuring Process

Lee Buchheit, Guillaume Chabert, Chanda DeLong, and Jeromin Zettelmeyer

9 Challenges Ahead

Hugh Bredenkamp, Ricardo Hausmann, Alex Pienkowski, and Carmen Reinhart