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Crisis costs and debtor discipline: the efficacy of public policy in sovereign debt crises

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  • Prasanna Gai
  • Simon Hayes
  • Hyun Song Shin
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    Abstract

    Recent 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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    File URL: http://www.bankofengland.co.uk/archive/Documents/historicpubs/workingpapers/2001/wp136.pdf
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    Bibliographic Info

    Paper provided by Bank of England in its series Bank of England working papers with number 136.

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    Date of creation: May 2001
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    Handle: RePEc:boe:boeewp:136

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    Cited by:
    1. Federico Weinschelbaum & Jose Wynne, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," Working Papers 75, Universidad de San Andres, Departamento de Economia, revised Aug 2004.

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