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DESCRIPTION:The Moynihan Institute's new series Study of Global Politics pr
 esents Layna Mosley of Princeton University.&nbsp\;How does the presence o
 f new and diverse creditors affect the occurrence of sovereign debt restru
 cturings? We posit that China's presence as a creditor renders Paris Club 
 (bilateral official) restructurings less likely. This occurs\, in part\, b
 ecause China offers an alternative source of credit\, providing more fisca
 l space to countries in distress. Geopolitical rivalries and failure to co
 ordinate burden sharing between China and Paris Club members heighten this
  effect: it is countries with larger outstanding debt to Paris Club member
 s\, and countries that are less aligned with the United States are even le
 ss likely to experience a Paris Club restructuring. Moreover\, this patter
 n is most evident for countries with higher levels of transparency\, allow
 ing other creditors an awareness of their borrowing relationships and fisc
 al policy. We test\, and find support for\, these expectations using data 
 for the 2000-2017. We also find no evidence that the presence of China as 
 a creditor during this period is related to the completion of private debt
  restructurings. &nbsp\;[This paper is joint work with Cameron Ballard-Ros
 a and Peter Rosendorff].&nbsp\;
DTEND:20230929T173000Z
DTSTAMP:20260512T222239Z
DTSTART:20230929T160000Z
LOCATION:United States
SEQUENCE:0
SUMMARY:Layna Mosley: Sovereign Debt Restructuring
UID:RFCALITEM639142069594562981
X-ALT-DESC;FMTTYPE=text/html:<p>The Moynihan Institute's new series Study o
 f Global Politics presents Layna Mosley of Princeton University.&nbsp\;</p
 ><p>How does the presence of new and diverse creditors affect the occurren
 ce of sovereign debt restructurings? We posit that China's presence as a c
 reditor renders Paris Club (bilateral official) restructurings less likely
 . This occurs\, in part\, because China offers an alternative source of cr
 edit\, providing more fiscal space to countries in distress. </p><p>Geopol
 itical rivalries and failure to coordinate burden sharing between China an
 d Paris Club members heighten this effect: it is countries with larger out
 standing debt to Paris Club members\, and countries that are less aligned 
 with the United States are even less likely to experience a Paris Club res
 tructuring. </p><p>Moreover\, this pattern is most evident for countries w
 ith higher levels of transparency\, allowing other creditors an awareness 
 of their borrowing relationships and fiscal policy. We test\, and find sup
 port for\, these expectations using data for the 2000-2017. </p><p>We also
  find no evidence that the presence of China as a creditor during this per
 iod is related to the completion of private debt restructurings. &nbsp\;[T
 his paper is joint work with Cameron Ballard-Rosa and Peter Rosendorff].&n
 bsp\;</p>
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