TY - RPRT A1 - Enderlein, Henrik T1 - We All Die Alone N2 - Europe is struggling in the face of the pandemic. Germany in particular fails to recognise the historic proportions of this undertaking, and has reduced itself to the role of the model student who cannot help but lecture others along the way. Y1 - 2020 UR - https://nbn-resolving.org/urn:nbn:de:kobv:b1570-opus4-35177 ER - TY - JOUR A1 - Schumacher, Julian A1 - Trebesch, Christoph A1 - Enderlein, Henrik T1 - Sovereign defaults in court JF - Journal of International Economics N2 - 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. Y1 - 2021 U6 - https://doi.org/10.1016/j.jinteco.2020.103388 SN - 0022-1996 VL - 131 PB - Elsevier BV ER -