@article{EnderleinSchumacherTrebesch, author = {Enderlein, Henrik and Schumacher, Julian and Trebesch, Christopher}, title = {Schuldenkrisen im Wandel: Das neue Zeitalter von Staatsbankrotten und Umschuldungen}, series = {PVS: Politische Vierteljahresschrift}, volume = {55}, journal = {PVS: Politische Vierteljahresschrift}, number = {4}, publisher = {Nomos}, address = {Baden-Baden}, issn = {0032-3470}, doi = {10.5771/0032-3470-2014-4-674}, pages = {674 -- 698}, abstract = {Dieser Aufsatz beschreibt unterschiedliche Typen von Staatsbankrotten und weist auf Ver{\"a}nderungen seit der Mitte der 1990er Jahre hin. Er zeigt, warum das Thema f{\"u}r die internationale und vergleichende politische {\"O}konomie von Bedeutung ist, warum aber gerade die empirische Literatur an erheblichen M{\"a}ngeln leidet. Ein Staatsbankrott beschreibt sehr unterschiedliche Ph{\"a}nomene, die hier anhand von elf Kriterien dargestellt werden. Der Aufsatz st{\"u}tzt sich auf drei neue Datens{\"a}tze, die deskriptiv auf Ver{\"a}nderungsprozesse hin ausgewertet werden. Dabei wird deutlich, dass sich bei {\"o}konomischen Charakteristika, im juristischen und politisch-institutionellen Kontext sowie bei den Rahmenbedingungen im internationalen Finanzmarkt wichtige Ver{\"a}nderungen ergeben haben, die von der Forschung aufgegriffen werden sollten.}, language = {de} } @article{EnderleinTrebeschSchumacher, author = {Enderlein, Henrik and Trebesch, Christoph and Schumacher, Julian}, title = {What explains sovereign debt litigation?}, series = {The Journal of Law and Economics}, volume = {58}, journal = {The Journal of Law and Economics}, number = {3}, publisher = {University of Chicago Press}, address = {Chicago}, issn = {1537-5285}, doi = {10.1086/684228}, pages = {585 -- 623}, abstract = {We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are some defaults followed by litigation and others not? What explains the general increase in lawsuits? We address these questions using an economic model of litigation and a new data set capturing the near universe of cases filed against defaulting sovereigns. We find that creditors are more likely to litigate when debt restructurings are large, when governments impose high losses (haircuts), and when the defaulting country is more vulnerable to litigation (open economies and those with a low legal capacity). We conclude that sovereign debt lawsuits can be predicted reasonably well with a simple framework from the law and economics literature.}, language = {en} } @techreport{EnderleinSchumacherTrebesch, type = {Working Paper}, author = {Enderlein, Henrik and Schumacher, Julian and Trebesch, Christoph}, title = {Sovereign Defaults in Court: The Rise of Creditor Litigation 1976-2010}, language = {en} } @article{SchumacherTrebeschEnderlein, author = {Schumacher, Julian and Trebesch, Christoph and Enderlein, Henrik}, title = {Sovereign defaults in court}, series = {Journal of International Economics}, volume = {131}, journal = {Journal of International Economics}, publisher = {Elsevier BV}, issn = {0022-1996}, doi = {10.1016/j.jinteco.2020.103388}, abstract = {For centuries, defaulting governments were immune from legal action by foreign creditors. This paper shows that this is no longer the case. Building a dataset covering four decades, we find that creditor lawsuits have become an increasingly common feature of sovereign debt markets. The legal developments have strengthened the hands of creditors and raised the cost of default for debtors. We show that legal disputes in the US and the UK disrupt government access to international capital markets, as foreign courts can impose a financial embargo on sovereigns. The findings are consistent with theoretical models with creditor sanctions and suggest that sovereign debt is becoming more enforceable. We discuss how the threat of litigation affects debt management, government willingness to pay, and the resolution of debt crises.}, language = {en} }