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How the IMF did it--sovereign debt restructuring between 1970 and 1989

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  • Jérôme Sgard

    (CERI - Centre de recherches internationales (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Between 1982 and 1989, the International Monetary Fund (IMF) acted as a third-party in a total of 109 debt restructurings between 41 debtor states and their creditor banks. At the core of these restructurings was the old Stand-By Arrangement (SBA), ie the standard IMF instrument for conditional lending to member-countries. The SBA was thus transformed into a three-way, voluntary arrangement that de facto rested on a rule of mutual veto. This self-sustained, though largely ad hoc procedure depended on the systematic ignoring of all hard-law or contract-based rules that could have shaped the debt restructurings. This article analyses: (i) how this regime emerged through trial and error during the 1970s; and (ii) how it was implemented, accounted for and justified after the 1982 Mexican crisis.

Suggested Citation

  • Jérôme Sgard, 2016. "How the IMF did it--sovereign debt restructuring between 1970 and 1989," Post-Print hal-03627457, HAL.
    • Handle: RePEc:hal:journl:hal-03627457
    DOI: 10.1093/cmlj/kmv042
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03627457
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    Cited by:

    1. Flores Zendejas, Juan, 2017. "Averting defaults in turbulent times: controversies over the League of Nations preferred creditor status," Working Papers unige:98451, University of Geneva, Paul Bairoch Institute of Economic History.

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