Julian Schumacher

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit stro...

Sovereign Defaults in Court

For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a...

Two-tier System for Remunerating Excess Reserve Holdings

This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidi...

Foreign-law Bonds

Can They Reduce Sovereign Borrowing Costs?

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