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Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights

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Author Info
Marcus Miller
Dania Thomas

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Abstract

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The Judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity - between 'holdouts' seeking capital gains and institutional investors wanting a settlement - to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a 'Judge-mediated' sovereign debt restructuring which resolves key issues of Transition and Aggregation - two of the tasks envisaged for the IMF's stillborn Sovereign Debt Restructuring Mechanism. For the future, we discuss how Judge-mediated sovereign debt restructuring (together with creditor committees) could complement Collective Action Clauses in sovereign bond contracts. Copyright 2007 The Authors
Journal compilation Blackwell Publishing Ltd. 2007 .

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Article provided by Blackwell Publishing in its journal World Economy.

Volume (Year): 30 (2007)
Issue (Month): 10 (October)
Pages: 1491-1509
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Handle: RePEc:bla:worlde:v:30:y:2007:i:10:p:1491-1509

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Antonio Merlo & Charles Wilson, 1997. "Efficient delays in a stochastic model of bargaining," Economic Theory, Springer, vol. 11(1), pages 39-55. [Downloadable!] (restricted)
  2. Kenneth M. Kletzer & Brian D. Wright, 2000. "Sovereign Debt as Intertemporal Barter," American Economic Review, American Economic Association, vol. 90(3), pages 621-639, June. [Downloadable!] (restricted)
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  3. Jerome Sgard, 2004. "Are There Such Things as International Property Rights?," The World Economy, Blackwell Publishing, vol. 27(3), pages 387-401, 03. [Downloadable!] (restricted)
  4. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 155-78, February. [Downloadable!] (restricted)
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  5. Arturo C. Porzecanski, 2005. "From Rogue Creditors to Rogue Debtors: Implications of Argentina's Default," International Finance 0510010, EconWPA. [Downloadable!]
  6. Gai, Prasanna & Hayes, Simon & Shin, Hyun Song, 2004. "Crisis costs and debtor discipline: the efficacy of public policy in sovereign debt crises," Journal of International Economics, Elsevier, vol. 62(2), pages 245-262, March. [Downloadable!] (restricted)
  7. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall. [Downloadable!] (restricted)
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  8. Sayantan Ghosal & Marcus Miller, 2003. "Co-ordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures," Economic Journal, Royal Economic Society, vol. 113(487), pages 276-304, 04. [Downloadable!] (restricted)
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  1. Kurtis Swope, Pamela Schmitt, John Cadigan and Robert Shupp, 2008. "An Experimental Study of the Holdout Problem in a Multilateral Bargaining Game," Departmental Working Papers 21, United States Naval Academy Department of Economics. [Downloadable!]
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