期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2018
出版社：European Central Bank
摘要：For centuries, defaulting governments were immune from legal action by foreign creditors.This paper shows that this is no longer the case. Building a dataset covering four decades,we nd that creditor lawsuits have become an increasingly common feature of sovereign debtmarkets. The legal developments have strengthened the hands of creditors and raised the costof default for debtors. We show that legal disputes in the US and the UK disrupt governmentaccess to international capital markets, as foreign courts can impose a nancial embargoon sovereigns. The ndings are consistent with theoretical models with creditor sanctionsand suggest that sovereign debt is becoming more enforceable. We discuss how the threat oflitigation a ects debt management, government willingness to pay, and the resolution of debtcrises.
关键词：Sovereign default; enforcement; government nancing; debt restructuring regime
