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Bankruptcy Procedures for Sovereigns

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  • Jeromin Zettelmeyer
  • Kenneth Rogoff

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 concensus 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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/133.

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Length: 46
Date of creation: 01 Aug 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/133

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References

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  1. Paul R. Krugman, 1988. "Financing vs. Forgiving a Debt Overhang," NBER Working Papers 2486, National Bureau of Economic Research, Inc.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Notas sueltas sobre el rescate de España
    by Cives in Politikon on 2012-06-09 20:43:49
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Cited by:
  1. Barry Eichengreen, 2003. "Restructuring Sovereign Debt," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 17(4), pages 75-98, Fall.
  2. 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.
  3. 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.
  4. Prokop, Jacek, 2012. "Bargaining over debt rescheduling," MPRA Paper 44315, University Library of Munich, Germany.
  5. 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.
  6. Laura Alfaro & Fabio Kanczuk, 2006. "Sovereign Debt: Indexation and Maturity," IDB Publications 6709, Inter-American Development Bank.
  7. 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.
  8. Weinschelbaum, Federico & Wynne, Jose, 2005. "Renegotiation, collective action clauses and sovereign debt markets," Journal of International Economics, Elsevier, Elsevier, vol. 67(1), pages 47-72, September.
  9. Rohan Pitchford & Mark L. J. Wright, 2008. "Holdouts In Sovereign Debt Restructuring: A Theory Of Negotiation In A Weak Contractual Environment," CAMA Working Papers 2008-37, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  10. Bolton, Patrick & Jeanne, Olivier, 2005. "Structuring and Restructuring Sovereign Debt: The Role of Seniority," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4901, C.E.P.R. Discussion Papers.
  11. Patrick Bolton & Olivier Jeanne, 2007. "Structuring and Restructuring Sovereign Debt," IMF Working Papers 07/192, International Monetary Fund.

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