catching up on some reading; this is a really cool paper. striking how much consistency one sees in haircuts over time and space, and this thread is particularly useful given its discussion of the very apropos Ukraine issue.

New CEPR Discussion Paper - DP19246 Sovereign Haircuts: 200 Years of Creditor Losses Clemens Graf von Luckner Sciences Po ScPoEcon Harvard University, Josefin Meyer DIW Berlin, Carmen Reinhart Harvard Kennedy School, Christoph Trebesch Kiel Institute (IfW Kiel) ow.ly/bbny50SCf3U #CEPR_EH #CEPR_IMF #economics

#MRCBG's Carmen Reinhart & Clemens Graf von Luckner + co-authors, discuss the rise in "serial restructurings", challenges for creditors + the "Bulow-Rogoff haircut" measure, made to track these losses & identify the greatest risk factors, such as geopolitical shocks. nber.org/papers/w32599

Double-feature in today’s NBER Digest Carmen Reinhart Christoph Trebesch JP Farah-Yacoub Thanks, NBER! nber.org/digest

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