Journal Publications

Sovereign Bond Prices, Haircuts and Maturity, 2023, Journal of International Economics, Vol.140, 103689 (with Dirk Niepelt and Romain Ranciere).

    - JIE Article

     - Dataset for 531 instruments in 44 sovereign debt restructuring episodes, 1999–2020: Dataset (JIE web-site)

    - PDF (June 2018)

    - IMF WP 17/119

    - NBER WP 26864

    - CEPR DP 12252  


Sovereign Debt Restructurings: Delays in Negotiations with Risk Averse Creditors, 2020, Journal of the European Economic Association, Vol.18(5), pp.2394–2440 (with Hyungseok Joo)

    - JEEA Article

    - Dataset for 179 sovereign debt restructurings in 1978–2010: Dataset (JEEA web-site)

    - Online Appendix (JEEA web-site) 

    - University of Surrey WP


Sovereign Debt Restructurings: Preemptive or Post-default, 2016, Journal of European Economic Association, Vol.14 (1), pp.175–214. (with Christoph Trebesch)

   - JEEA Article

   - Updated Dataset for 197 sovereign debt restructurings in 1975–2020: Dataset

   - Old Dataset for 179 sovereign debt restructurings in 1978–2010: Dataset (JEEA web-site)

    - CEPR DP 10950

   - CESinfo WP 5605


Sovereign Debt Restructurings: Survey on Concepts, Trends, Empirics and Theory, 2022, Public Policy Review, Vol.18(1), pp.1–16 (with Hyungseok Joo and Akira Sasahara).

  - PPR Article 

  - Japanese version: Financial Review Article


Banking Crisis, Domestic Sovereign Debt Restructuring, and Financial Stability Policies in Cyprus During 2012–13, 2021, Multinational Finance Journal, Vol.25(3–4), pp.163–186 (with Michael Papaioannou and Takahiro Tsuda).

    - MFJ Article


Belize's 2016–17 Sovereign Debt Restructuring – Third Time Lucky? 2020, Journal of Banking and Financial Economics, (with Michael Papaioannou, Eriko Togo and Bert van Selm).

   - JBFE Article

   - IMF WP 18/121.


Sovereign Debt Restructurings: Overview of the Empirical Literature, 2018, The Journal of Investing Vol.27(3), pp.56–64. (with Aitor Erce and Akira Sasahara).

    - JOI Article   


Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes and Lessons Learned, 2018, Journal of Banking and Financial Economics, Vol.2(10), pp.67–105. (with Mike Xin Li, Michael G. Papaioannou, Saji Thomas, and Eriko Togo)

   - JBEF Article

   - IMF WP 17/171.


Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects, 2017, Journal of Banking and Financial Economics, Vol.2 (8), pp.5–26. (with Michael Papaioannou, Gerardo Peraza, Kristine Vitola, and Takahiro Tsuda)

     - JBFE Article

     - IMF WP 14/132


Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia, 2015, Journal of International Commerce, Economics and Policy, Vol.6 (3), pp.1550015. (with Naoyuki Yoshino and Sahoko Kaji).

     - JICEP Article

    - ADBI WP 518


Dynamic Analysis of the Exchange Rate Regime: Policy Implications for Emerging Countries in East Asia, Review of Development Economics, Vol.19(3), pp.624–637. (with Naoyuki Yoshino and Sahoko Kaji)

     - RDE article

     - ADBI WP 476


Dynamic Effect of Change in Exchange Rate System, 2016, Asian Development Review, Vol.33 (1), pp.111–161. (with Naoyuki Yoshino and Sahoko Kaji).

     - ADR Article

     - ADBI WP 517


Exchange Rate Regime Switching in Malaysia and Singapore in Repose to China’s Move to a Basket Peg: A DSGE Analysis, 2016, Journal of Asian Economics, Vol.46, pp.17–37. (with Naoyuki Yoshino and Sahoko Kaji)

     - JAE Article

     - ADBI WP 514.


Dynamic Transition of Exchange Rate Regime in China, 2014, China & World Economy, Vol.22(3), pp.36–55. (w. Naoyuki Yoshino and Sahoko Kaji).

     - CWE article

     - ADBI WP 436.   


Choices of Optimal Monetary Policy Instruments under the Floating and the Basket-peg Regimes, 2012, Singapore Economic Review, Vol.57(4), pp.1250024. (w. Naoyuki Yoshino and Sahoko Kaji).

     - SER article

     - ADBI WP


The Optimal Weight and Composition of a Basket Currency in Asia – The Implications of Asymmetry, 2005, SCMS Journal of Indian Management, Vol.2(4), pp.74–87. (w. Naoyuki Yoshino and Sahoko Kaji)

    - SCMS JIM article.


Optimal Exchange Rate System in Two Countries with the Rest of the World, 2004, Keio Economic Studies, Vol.41(2), pp.25–75. (w. Naoyuki Yoshino and Sahoko Kaji).

     - KES article.