BoC–BoE Sovereign Default Database: Methodology, Assumptions and Sources by David Beers,1 Elliot Jones2 and John Fraser Walsh3 1 Center for Financial Stability New York, NY10036, USA 2 Financial Markets Department, Reserve Bank of New Zealand, Auckland 1010, New Zealand 3 Financial and Enterprise Risk Department Bank of Canada, Ottawa, Ontario, Canada K1A 0G9
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[email protected] Acknowledgements We are grateful to Mark Joy, James McCormack, Carol Ann Northcott, Alexandre Ruest, Jean- François Tremblay and Tim Willems for their helpful comments and suggestions. We thank Banu Cartmell, Marie Cavanaugh, John Chambers, James Chapman, Stuart Culverhouse, Patrisha de Leon-Manlagnit, Archil Imnaishvili, Marc Joffe, Grahame Johnson, Jamshid Mavalwalla, Philippe Muller, Papa N’Diaye, Jean-Sébastien Nadeau, Carolyn A. Wilkins and Peter Youngman for their contributions to earlier research papers on the database, Christian Suter for sharing previously unpublished data he compiled with Volker Bornschier and Ulrich Pfister in 1986, Carole Hubbard for her excellent editorial assistance, Michael Dalziel and Natalie Brule, and Sandra Newton, Sally Srinivasan and Rebecca Mari, respectively, for their help designing the new Bank of Canada and Bank of England web pages, and Zacharie Quiviger, Miranda Wang and Kirk Liu for their efforts updating the database. Any remaining errors are the sole responsibility of the authors. Abstract Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).