01674nam a22001577a 4500999001900000008004100019100005800060245004700118260003700165300003200202520112100234773003701355906001001392942000701402952010701409  c523630d523630230915b           ||||| |||| 00| 0 eng d  aMitchener, Kris James and Trebesch, Christoph 943710  aSovereign debt in the twenty-first century  aJournal of Economic Literature    a61(2), Jun, 2023: p.565-623  aHow will sovereign debt markets evolve in the twenty-first 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) rollover 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.- Reproduced   aJournal of Economic Literature    aDEBTS  cAR  00102ddc40709398677aIIPAbIIPAd2023-09-15h61(2), Jun, 2023: p.565-623pAR129533r2023-09-15yAR