Sovereign Insolvency Procedures - A Comparative Look At Selected Proposals
AbstractThe most practicable short-term approaches for sovereign debt restructuring would include a code of conduct (voluntary approach) and collective action clauses (contractual approach). In the medium term, a sovereign insolvency procedure (statutory approach) may have an important role to play because it would be a comprehensive instrument designed to coordinate different creditor groups prior to and during a debt crisis. This paper provides a survey of six comprehensive policy proposals for a sovereign bankruptcy procedure. It points to approaches that could improve existing proposals and creates a basis for new proposals which could prove conducive to reaching political consensus. Copyright � 2009 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economic Surveys.
Volume (Year): 23 (2009)
Issue (Month): 5 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
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- Bertazzi, Ilaria, 2014. "A challenge to normativity and economic theory, the case ofdebtors movements," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201405, University of Turin.
- Ugo Panizza, 2013. "Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion," IHEID Working Papers 03-2013, Economics Section, The Graduate Institute of International Studies.
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