Sovereign Debt A Guide for Economists and Practitioners

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 and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject.

Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.

S. Ali Abbas, Deputy Chief, Debt Policy Division, Strategy, Policy and Review Department, International Monetary Fund,Alex Pienkowski, Economist, European Department, International Monetary Fund,Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University, USA

S. Ali Abbas is deputy chief of the Debt Policy division in the Strategy, Policy, and Review department of the International Monetary Fund. He has led key reforms to the Fund's lending and crisis resolution frameworks; served as Fund liaison to the Paris Club; and has been closely involved in several exceptional access Fund-supported programs, including Ireland 2010, Ukraine 2015, and Argentina 2018. He has published on fiscal policy, government financing, and sovereign debt crises, and helped compile widely-used databases on the level, dynamics, and composition of public debt.

Alex Pienkowski is an economist in the European department of the International Monetary Fund with a focus on sovereign debt, in particular the resolution architecture for debt crises, the costs and benefits of state-contingent debt and the propagation of shocks during crises. He has worked on a range of countries including Portugal, Argentina, Ukraine and Mongolia. Prior to the IMF, Alex worked for the Bank of England for five years. He specialized in international issues in both the financial stability and monetary analysis departments of the Bank. Much of his time involved working on the euro area sovereign debt crisis. Alex was also an Overseas Development Institute fellow in Malawi between 2007-09.

Kenneth Rogoff is Thomas D. Cabot Professor at Harvard University. From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund. His widely-citedbook with Carmen Reinhart This Time Is Different: Eight Centuries of Financial Folly shows the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. Rogoff is also known for his seminal work on exchange rates and on central bank independence. He is also the author of Foundations of International Macroeconomics and The Curse of Cash, and his syndicated column on global economic issues is published in over 50 countries. Rogoff is among the top ten world ranked economists by scholarly citations.

Introduction
1. Public Debt through the Ages, Barry Eichengreen, Asmaa El-Ganainy, Rui Pedro Esteves and Kris James Mitchener
2. Guide to Sovereign Debt Definitions and Composition, Serkan Arslanalp, Wolfgang Bergthaler, Philip Stokoe and Alexander F. Tieman
3. The Motive to Borrow, Antonio Fatas, Atish R. Ghosh, Ugo Panizza, Andrea F. Presbitero
4. Public 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