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Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001

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  • Kenneth Rogoff

    (International Monetary Fund)

  • Jeromin Zettelmeyer

    (International Monetary Fund)

Abstract

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 consensus 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. . Copyright 2002, International Monetary Fund

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 49 (2002)
Issue (Month): 3 ()
Pages: 8

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Handle: RePEc:pal:imfstp:v:49:y:2002:i:3:p:8

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Cited by:
  1. Marco Committeri & Francesco Spadafora, 2013. "You never give me your money? Sovereign debt crises, collective action problems, and IMF lending," Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area 143, Bank of Italy, Economic Research and International Relations Area.
  2. Patrick Bolton & Olivier Jeanne, 2005. "Structuring and Restructuring Sovereign Debt: The Role of Seniority," NBER Working Papers 11071, National Bureau of Economic Research, Inc.
  3. Patrick Bolton & Olivier Jeanne, 2007. "Structuring and Restructuring Sovereign Debt," IMF Working Papers, International Monetary Fund 07/192, International Monetary Fund.
  4. Prokop, Jacek, 2012. "Bargaining over debt rescheduling," MPRA Paper 44315, University Library of Munich, Germany.
  5. Barry Eichengreen, 2003. "Restructuring Sovereign Debt," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 17(4), pages 75-98, Fall.
  6. Patrick Bolton & Olivier Jeanne, 2009. "Structuring and Restructuring Sovereign Debt: The Role of Seniority -super-1," Review of Economic Studies, Oxford University Press, vol. 76(3), pages 879-902.
  7. Ugo Panizza, 2013. "Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion," IHEID Working Papers, Economics Section, The Graduate Institute of International Studies 03-2013, Economics Section, The Graduate Institute of International Studies.
  8. Laura Alfaro & Fabio Kanczuk, 2006. "Sovereign Debt: Indexation and Maturity," Research Department Publications, Inter-American Development Bank, Research Department 4459, Inter-American Development Bank, Research Department.
  9. Rohan Pitchford & Mark L. J. Wright, 2010. "Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment," NBER Working Papers 16632, National Bureau of Economic Research, Inc.
  10. Jose Wynne & Federico Weinschelbaum, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," 2004 Meeting Papers, Society for Economic Dynamics 7, Society for Economic Dynamics.
  11. Philip R. Lane, 2013. "Growth And Adjustment Challenges For The Euro Area," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 44(2), pages 273-295.
  12. De Paoli, Bianca & Hoggarth, Glenn & Saporta, Victoria, 2009. "Output costs of sovereign crises: some empirical estimates," Bank of England working papers, Bank of England 362, Bank of England.
  13. Fuest, Clemens & Heinemann, Friedrich & Schröder, Christoph, 2014. "A viable insolvency procedure for sovereigns (VIPS) in the euro area," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 14-053, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  14. Ugo Panizza & Federico Sturzenegger & Jeromin Zettelmeyer, 2010. "International Government Debt," UNCTAD Discussion Papers, United Nations Conference on Trade and Development 199, United Nations Conference on Trade and Development.

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