国际货币基金组织：谨慎对待：国内债务重组的收益和成本（英文版）

With increasing debt vulnerabilities, domestic debt may become an important—though still distinct––part of debt restructurings. This paper aims to contribute to the discourse by examining the factors that precipitate domestic debt restructurings (DDRs) and their implications for macro-fiscal outcomes. We find that: (i) DDRs are less effective than external debt restructurings (EDRs) in reducing public debt and interest payments; and (ii) they entail deeper, more persistent costs to output and