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Sovereign Debt, Management, and Restructurings during the COVID-19 Pandemic

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  • Michael G. Papaioannou

    (International Monetary Fund, USA)

  • George Tsetsekos

    (Drexel University, USA)

Abstract

The unprecedented contraction in global economic activity from the COVID-19 pandemic drew decisive domestic fiscal and monetary policy measures to ameliorate demand and supply implications, reduce systemic risks and maintain financial stability. However, medium-term vulnerabilities have risen because of these measures. In particular, sovereign and corporate debt levels have increased amid massive fiscal stimulus spending, contributing to explosive debt accumulation in advanced economies, emerging markets, and low-income countries. As a result, issues of risk and sustainability have emerged. The increase in public debt necessitates the development of careful debt management strategies to avoid risks and debt distress situations that could lead to sovereign debt restructurings.

Suggested Citation

  • Michael G. Papaioannou & George Tsetsekos, 2021. "Sovereign Debt, Management, and Restructurings during the COVID-19 Pandemic," Multinational Finance Journal, Multinational Finance Journal, vol. 25(3-4), pages 115-149, September.
    • Handle: RePEc:mfj:journl:v:25:y:2021:i:3-4:p:115-149
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