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Contractual Vs. Rules-Based Approaches to Sovereign Debt Restructuring

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  • Jürgen Kaiser

Abstract

Possible reforms to global sovereign debt restructuring procedures have largely been categorized as either ‘contractual/market-based’ or ‘statutory’. A closer look to the major Collective Action Clauses proposal shows that this is a false dichotomy. While Collective Action Clauses are useful technical instruments, they are by no means a substitute for a comprehensive debt restructuring framework.

Suggested Citation

  • Jürgen Kaiser, 2016. "Contractual Vs. Rules-Based Approaches to Sovereign Debt Restructuring," Development, Palgrave Macmillan;Society for International Deveopment, vol. 59(1), pages 94-99, June.
    • Handle: RePEc:pal:develp:v:59:y:2016:i:1:d:10.1057_s41301-017-0064-2
    DOI: 10.1057/s41301-017-0064-2
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    References listed on IDEAS

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    1. Craigwell, Roland & Greenidge, Kevin & Thomas, Chrystal & Drakes, Lisa, 2012. "Threshold Effects of Sovereign Debt: Evidence from the Caribbean," MPRA Paper 40936, University Library of Munich, Germany.
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