Sovereign Insolvency Procedures - A Comparative Look At Selected Proposals
The most practicable short-term approaches for sovereign debt restructuring would include a code of conduct (voluntary approach) and collective action clauses (contractual approach). In the medium term, a sovereign insolvency procedure (statutory approach) may have an important role to play because it would be a comprehensive instrument designed to coordinate different creditor groups prior to and during a debt crisis. This paper provides a survey of six comprehensive policy proposals for a sovereign bankruptcy procedure. It points to approaches that could improve existing proposals and creates a basis for new proposals which could prove conducive to reaching political consensus. Copyright © 2009 Blackwell Publishing Ltd.
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Volume (Year): 23 (2009)
Issue (Month): 5 (December)
Pages: 856-881
| Handle: | RePEc:bla:jecsur:v:23:y:2009:i:5:p:856-881 |
| Contact details of provider: | Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
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