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Publications

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  • All HBS Web  (249)
    • Faculty Publications  (72)

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    • All HBS Web  (249)
      • Faculty Publications  (72)

      Sovereign Finance Remove Sovereign Finance →

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      Sovereign Finance: Articles, Research, & Case Studies on Sovereign Finance– HBS Working Knowledge
      Skip to Main Content Cold Call A podcast featuring faculty discussing cases they've written and the lessons they impart. Subscribe on iTunes 29 Sep...
      Sovereigns, Upstream Capital Flows and Global Imbalances
      → Search All HBS Web
      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; sovereign finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • 2019
      • Working Paper

      Undisclosed Debt Sustainability

      By: Laura Alfaro and Fabio Kanczuk
      Over the past decade, non–Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information...  View Details
      Keywords: Sovereign Debt; Transparency; Sustainability; sovereign finance; Borrowing And Debt; Information; China
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      Alfaro, Laura, and Fabio Kanczuk. "Undisclosed Debt Sustainability." Harvard Business School Working Paper, No. 20-043, September 2019.
      • June 2019
      • Article

      Debt Redemption and Reserve Accumulation

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own...  View Details
      Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; sovereign finance; Borrowing And Debt; Bonds; Financial Markets; Developing Countries And Economies
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      Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
      • February 2018
      • Case

      Infrastructure in Nigeria: Unlocking Pension Fund Investments

      By: John Macomber and Pippa Tubman Armerding
      The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...  View Details
      Keywords: Pension Fund Investing; Infrastucture; Emerging Markets; Power/energy; Credit Enhancement; Infrastructure; Project finance; Investment Funds; Emerging Markets; Nigeria; Africa
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      Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
      • February 2018
      • Article

      Financial Repression in the European Sovereign Debt Crisis

      By: Bo Becker and Victoria Ivashina
      By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a...  View Details
      Keywords: Credit Cycles; Sovereign Debt; Financial Repression; sovereign finance; Borrowing And Debt; Credit; Europe
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      Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Review of Finance 22, no. 1 (February 2018): 83–115.
      • 2017
      • Chapter

      High Stakes Negotiation: Indian Gaming and Tribal/State Compacts

      By: Gavin Clarkson and James K. Sebenius
      Although Indian tribes and the surrounding states were often bitter enemies throughout much of the history of the United States, recently tribes and states have been able to work cooperatively in a number of areas. In some instances, Congress has mandated such...  View Details
      Keywords: Indian Gaming; Negotiation; Regulation; Tribal Sovereignty; sovereign finance; Negotiation Participants; Relationships; Cooperation; Connecticut
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      Clarkson, Gavin, and James K. Sebenius. "High Stakes Negotiation: Indian Gaming and Tribal/State Compacts." Chap. 8 in American Indian Business: Principles and Practices, edited by Deanna M. Kennedy, Charles Harrington, Amy Klemm Verbos, Daniel Stewart, Joseph Gladstone, and Gavin Clarkson, 130–161. Seattle: University of Washington Press, 2017.
      • April 2017 (Revised February 2020)
      • Case

      Restructuring Ukraine

      By: Kristin Mugford, Seema Amble and Tian Feng
      In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political...  View Details
      Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency And Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks And Banking; Economic Slowdown And Stagnation; Bonds; sovereign finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government And Politics; Ukraine
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      Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
      • Article

      Market Reactions to Sovereign Litigation

      By: Faisal Z. Ahmed and Laura Alfaro
      Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede...  View Details
      Keywords: Sovereign Debt; Litigation; Vulture Funds; Argentina; sovereign finance; Lawsuits And Litigation; Markets; Argentina
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      Ahmed, Faisal Z., and Laura Alfaro. "Market Reactions to Sovereign Litigation." Capital Markets Law Journal 12, no. 2 (April 2017): 141–163.
      • March 2017 (Revised June 2019)
      • Case

      Mubadala and EBX: To X or to X It?

      By: Nori Gerardo Lietz, Ricardo Andrade and Sayiddah Fatima McCree
      In April 2012, Mubadala, Abu Dhabi's sovereign wealth fund invested $2 billion in Brazilian conglomerate EBX, believing the company to be undervalued by the public markets. Shortly thereafter, however, EBX and its multiple business lines began to spiral downward. Hani...  View Details
      Keywords: Sovereign Wealth Funds; Conglomerates; Investing; Corporate Structure; International; sovereign finance; Business Conglomerates; Investment; financing And Loans; Restructuring; Organizational Structure; Economy; Brazil; Abu Dhabi
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      Lietz, Nori Gerardo, Ricardo Andrade, and Sayiddah Fatima McCree. "Mubadala and EBX: To X or to X It?" Harvard Business School Case 217-065, March 2017. (Revised June 2019.)
      • October 2016
      • Technical Note

      Sovereign Wealth Funds

      By: Sophus A. Reinert and Julie Kheyfets
      Keywords: Sovereign Wealth Funds; sovereign finance; Investment Funds
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      Reinert, Sophus A., and Julie Kheyfets. "Sovereign Wealth Funds." Harvard Business School Technical Note 717-003, October 2016.
      • 2019
      • Working Paper

      Fiscal Rules and Sovereign Default

      By: Laura Alfaro and Fabio Kanczuk
      Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt...  View Details
      Keywords: Sovereign Debt; Hyperbolic Discounting; Fiscal Rules; sovereign finance
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      Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
      • February 2016
      • Case

      Debt and Democracy: The New York Constitutional Convention of 1846

      By: David Moss and Dean Grodzins
      On September 23, 1846, delegates to New York State's constitutional convention prepared to vote on a proposal that its principal proponent, Michael Hoffman, conceded would be “a serious change in our form of government.” The proposal would place tight restrictions on...  View Details
      Keywords: sovereign finance; Governance; Laws And Statutes; Government And Politics; History; New York (state, Us)
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      Moss, David, and Dean Grodzins. "Debt and Democracy: The New York Constitutional Convention of 1846." Harvard Business School Case 716-049, February 2016.
      • Editorial

      How to Turn Around a Country

      By: Paul Kazarian and George Serafeim
      Change is hard. Especially trying to change an entire country and its public sector that consists of more than 650,000 employees and has an annual budget of approximately 80 billion euros. This is the case of Greece, once the fastest-growing eurozone country, which has...  View Details
      Keywords: Greece; Europe; European Union; Turnaround; Accounting; Accountability; Economic Growth; Leadership; Change; sovereign finance; Leadership; Corporate Accountability; Public Sector; Accounting; Economic Growth; Change; European Union; Greece
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      Kazarian, Paul, and George Serafeim. "How to Turn Around a Country." Kathimerini (January 19, 2016).
      • August 2015
      • Article

      A Comparative-Advantage Approach to Government Debt Maturity

      By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein
      We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with...  View Details
      Keywords: sovereign finance; Debt Securities
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      Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. "A Comparative-Advantage Approach to Government Debt Maturity." Journal of Finance 70, no. 4 (August 2015): 1683–1722. (2015 Brattle Group Distinguished Paper for an outstanding corporate finance paper published in the Journal of Finance. Internet Appendix Here.)
      • July 6, 2015
      • Editorial

      Lessons From Greece as Controversial Finance Minister Exits

      By: George Serafeim
      Keywords: Europe; Eurozone; finance; Leadership; sovereign finance; Leadership; European Union; Greece
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      Serafeim, George. "Lessons From Greece as Controversial Finance Minister Exits." Time.com (July 6, 2015). (Editorial.)
      • March–April 2015
      • Article

      The Almighty Ruble

      By: D. L. Spar
      At 1 AM Moscow time on December 16, Russia's central bank announced a massive hike in the country's interest rate, from 10.5% to 17%. It's not clear how Russian leader Vladimir Putin and his colleagues could realistically have expected to achieve anything by hiking the...  View Details
      Keywords: Monetary Policy; Economy; Policy; Currency; Interest Rates; sovereign finance; Russia
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      Spar, D. L. "The Almighty Ruble." Foreign Policy 211 (March–April 2015).
      • October 2014
      • Article

      Sovereigns, Upstream Capital Flows and Global Imbalances

      By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
      We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign...  View Details
      Keywords: Current Account; Aid/government Debt; Reserves; Puzzles; Productivity; sovereign finance; Developing Countries And Economies; Macroeconomics
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      Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych. "Sovereigns, Upstream Capital Flows and Global Imbalances." Journal of the European Economic Association 12, no. 5 (October 2014): 1240–1284. (Also NBER Working Paper 17396. Online Appendix. See International capital flows database for the data on measures of net private and public capital flows for a large cross-section of developing countries.)
      • June 2014
      • Article

      Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

      By: Sergey Chernenko and Adi Sunderam
      We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant...  View Details
      Keywords: Investment Funds; Financial Crisis; Europe
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      Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750.
      • 2014
      • Working Paper

      Financial Repression in the European Sovereign Debt Crisis

      By: Bo Becker and Victoria Ivashina
      By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a...  View Details
      Keywords: Credit Cycles; Sovereign Debt; Financial Repression; sovereign finance; Greece
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      Becker, Bo, and Victoria Ivashina. "Financial Repression in the European Sovereign Debt Crisis." Working Paper, April 2014.
      • April 2013 (Revised February 2018)
      • Case

      Norway: The Embarrassment of Riches

      By: Sophus A. Reinert
      In early 2013, Norway was by many accounts the world’s most developed country; it topped various indices for everything from democracy to happiness, had a comprehensive welfare state, and massive oil revenues endowed it with a substantial, and growing, Sovereign Wealth...  View Details
      Keywords: Sovereign Wealth Funds; Welfare State; Natural Resources; Internationalization; Dutch Disease; Happiness; Macroeconomics; Energy Sources; Values And Beliefs; sovereign finance; Immigration; Welfare; Energy Industry; Norway
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      Reinert, Sophus A. "Norway: The Embarrassment of Riches." Harvard Business School Case 713-061, April 2013. (Revised February 2018.)
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      Are you looking for?

      Sovereign Finance: Articles, Research, & Case Studies on Sovereign Finance– HBS Working Knowledge
      Skip to Main Content Cold Call A podcast featuring faculty discussing cases they've written and the lessons they impart. Subscribe on iTunes 29 Sep...
      Sovereigns, Upstream Capital Flows and Global Imbalances
      → Search All HBS Web
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