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Replication data for: Sovereign Defaults: The Price of Haircuts

Version
1
Resource Type
Dataset
Creator
  • Cruces, Juan J.
  • Trebesch, Christoph
Publication Date
2013-07-01
Description
  • Abstract

    A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses ("haircuts") in all restructurings with foreign banks and bondholders from 1970 until 2010, covering 180 cases in 68 countries. We then show that restructurings involving higher haircuts are associated with significantly higher subsequent bond yield spreads and longer periods of capital market exclusion. The results cast doubt on the widespread belief that credit markets "forgive and forget."
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.5.3.85 (Text)
Publications
  • Cruces, Juan J, and Christoph Trebesch. “Sovereign Defaults: The Price of Haircuts.” American Economic Journal: Macroeconomics 5, no. 3 (July 2013): 85–117. https://doi.org/10.1257/mac.5.3.85.
    • ID: 10.1257/mac.5.3.85 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13

Cruces, Juan J.; Trebesch, Christoph (2013): Replication data for: Sovereign Defaults: The Price of Haircuts. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114278V1