Borrowing Costs after Sovereign Debt Relief
利用债务服务暂停倡议（DSSI）的数据，研究发现获得官方债务减免的国家比未获得的国家在债券市场上借贷成本下降更多，且减免规模越大效果越强，表明流动性供给是主要机制，且未发现市场污名效应。
Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments. Using daily data on sovereign bond spreads and synthetic control methods, we show that countries eligible for official debt relief experience a larger decline in borrowing costs compared to similar, ineligible countries. This decline is stronger for countries that receive a larger relief, suggesting that the effect works through liquidity provision. By contrast, the results do not support the concern that official debt relief could generate stigma on financial markets.