“…In addition, some work has been done on the differential treatment of domestic as opposed to international sovereign creditors both theoretically (in particular, Guembel and Sussman, 2009;Broner et al, 2010Broner et al, , 2014 and empirically. On the empirical side, Sturzenegger and Zettelmeyer (2007), Erce and Diaz-Cassou (2010), Kohlscheen (2010), Erce (2012), and Meyer (2019) find mixed evidence on discrimination between domestic and external creditors, either by conducting case studies or by using Standard & Poor's binary simple indicator of external and domestic defaults. Our paper expands this literature by providing the first systematic analysis of discrimination between different classes of external creditors.…”