Essays in International Macroeconomics

These papers examine the impact of sovereign debt restructuring on debt sustainability. The first investigates the factors influencing sovereign debt restructuring outcomes, considering both creditors' and debtors' incentives. The second one assesses how variability in restructuring techniques affects long-term fiscal outcomes, including countries' debt-to-GDP ratios and borrowing costs. These studies contribute to the literature on the consequences of sovereign default and debt restructuring.., considering both creditors' and debtors' incentives. The second one assesses how variability in restructuring techniques affects long-term fiscal outcomes., including countries' debt-to-GDP ratios and borrowing costs. These studies contribute to the literature on the consequences of sovereign default and debt restructuring.