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Sovereign-Debt

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Coordinating Fragmented Creditors to Restructure Sovereign Debt: the Case of Sri Lanka

Rédigé par : Agathe Madeline, Caroline Miller

Following Sri Lanka’s default on its external debt in April 2022, official bilateral creditors developed an original coordination mechanism to restructure the country’s debt. France, India and Japan co-chaired an ad-hoc Official Creditor Committee including the Paris Club, India and Hungary. At the same time, a flexible coordination arrangement with China and regular discussions with private credi... Lire la suite

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The Market for Safe Assets

Rédigé par : Agathe Blanchard, Clara Léonard, Léonore Raguideau-Hannotin

The holding and market of certain so-called safe assets play an essential role in financial stability. The definition of these assets is not consensual, as various qualities can contribute to the safety offered by a financial security: countercyclicality, liquidity, credit quality and stability. The study identifies a set of securities that play the role of safe assets according to these criteria... Lire la suite