Crisis costs and debtor discipline: the efficacy of public policy in sovereign debt crises
AbstractRecent debate on the reform of the international financial architecture has highlighted the potentially important role of the official sector in crisis management. This paper examines how such public intervention in sovereign debt crises affects efficiency, ex ante and ex post. The results shed light on the scale of capital inflows in such a regime, and the analysis establishes conditions under which this leads to an improvement in debtor country welfare. The efficacy of measures such as officially sanctioned stays on creditor litigation depend critically on the quality of public sector surveillance and the size of the costs of sovereign debt crises.
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Bibliographic InfoPaper provided by Bank of England in its series Bank of England working papers with number 136.
Date of creation: May 2001
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- Federico Weinschelbaum & Jose Wynne, 2004.
"Renegotiation, Collective Action Clauses and Sovereign Debt Markets,"
75, Universidad de San Andres, Departamento de Economia, revised Aug 2004.
- Weinschelbaum, Federico & Wynne, Jose, 2005. "Renegotiation, collective action clauses and sovereign debt markets," Journal of International Economics, Elsevier, vol. 67(1), pages 47-72, September.
- JosÃ© Wynne & Federico Weinschelbaum, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," Econometric Society 2004 Latin American Meetings 153, Econometric Society.
- Jose Wynne & Federico Weinschelbaum, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," 2004 Meeting Papers 7, Society for Economic Dynamics.
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