Volume 25, Numbers 3 & 4 / September/December ,
Sovereign Debt, Management, and Restructurings during the COVID-19 Pandemic
Multinational Finance Journal, 2021, vol. 25, no.3/4, pp. 63–71
Michael G. Papaioannou , International Monetary Fund    Corresponding Author
George Tsetsekos , Drexel University

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.

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