In this seminar, Gon Huertas will present on ' Balance Sheets and Debt Crisis: Empirical Regularities for Modern Cases of Sovereign Distress', a research paper published by the Peterson Institute for International Economics (PIIE). The paper presents the stylized facts surrounding debt crises from 1990 to 2019: the behavior of government finances, aggregate macroeconomic variables, and the accompanying changes in the net worth of the private sector. We then use a logistic model to estimate the probability of undergoing default for a panel of 75 countries, finding that the net worth of the household and banking sectors is a significant predictor in addition to the usual flow variables included in standard debt sustainability analyses.