Forthcoming American Economic Journal: MacroeconomicsSovereign Debt Restructuring and Reduction in Debt-to-GDP RatioSakai Ando · Tamon Asonuma · Prachi Mishra · Alexandre SollaciSovereign debt restructuring is a central tool for countries in debt distress, yet surprisingly little evidence exists on whether it actually reduces the debt-to-GDP ratio — the metric used in …