Bankruptcy procedures for sovereign : a history of ideas, 1976-2001 /

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economic...

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Bibliographic Details
Main Author: Rogoff, Kenneth, 1953-
Other Authors: Zettelmeyer, Jeromin, 1964-
Format: Book
Language:English
Published: Washington, D.C. : International Monetary Fund, 2002
Series:IMF working paper ; no. 02/133
Subjects:
Online Access:http://www.imf.org/external/pubs/ft/wp/2002/wp02133.pdf
Description
Summary:This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.
Physical Description:44 p.
Bibliography:Bibliografía: p. 35-44.