Effects Of The Global Economic Crisis And The Covid-19 Pandemic On Sovereign Debt Management In Heavily Indebted Countries

Abstract

This article presents an analysis of the sovereign debt in some heavily indebted countries worldwide, including Venezuela, Sudan, Japan and Greece. Its main objective is to track and compare the initial effects of the global financial and economic crisis (2008) and the COVID-19 pandemic on sovereign debt levels in those countries. This is why it starts with a classification of the theoretical concepts addressing the relationship between economic crises and changes in the levels of sovereign debt. It then defines the main drivers for the sharp increase of the sovereign debt in these countries and describes the dynamics of the revenues, expenditures and balances of their budgets.