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Sovereign Liquidity Crises: The Strategic Case for a Payments Standstill

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  • Miller, Marcus
  • Zhang, Lei

Abstract

Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy-style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a "race of the vultures". The lack of an orderly procedure for resolving sovereign liquidity crises means that the IMF is de facto forced to bail out countries in trouble. The strategic case for legalising standstills is to rescue the international financial system from this "time consistency" trap.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 110 (2000)
Issue (Month): 460 (January)
Pages: 335-62

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Handle: RePEc:ecj:econjl:v:110:y:2000:i:460:p:335-62

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  1. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
  2. Cohen, Daniel, 1991. "A valuation formula for LDC debt," Policy Research Working Paper Series 763, The World Bank.
  3. Leonardo Bartolini & Avinash K. Dixit, 1990. "Market Valuation Of Illiquid Debt And Implications For Conflicts Among Creditors," IMF Working Papers 90/88, International Monetary Fund.
  4. Bulow, Jeremy & Rogoff, Kenneth, 1991. "Sovereign Debt Repurchases: No Cure for Overhang," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1219-35, November.
  5. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, January.
  6. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  7. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, January.
  8. Marcus Miller & Lei Zhang, 1998. "Macroeconomic Policy Options for Managing Capital Flows," CSGR Hot Topics: Research on Current Issues 01, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
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