This article analyzes the historical development cycles of sovereign debt crises and their impact on the economies of developing countries. Based on historical data, the causes of debt crises, their recurring characteristics, and their negative impact on macroeconomic indicators are studied. The results of the research show that developing countries often face crises due to excessive reliance on external debt, institutional weaknesses, and global economic shocks. Based on historical experiences, this article provides practical recommendations for developing effective debt policy.

Sovereign debt, debt crisis, economic stability, developing countries, fiscal policy, external debt, financial management, crisis cycles.

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