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Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill

Author

Listed:
  • Marcus H. Miller

    (Peterson Institute for International Economics)

  • Lei Zhang

    (Peterson Institute for International Economics)

Abstract

Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy- style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a 'race of the vultures'.

Suggested Citation

  • Marcus H. Miller & Lei Zhang, 1999. "Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill," Working Paper Series WP99-8, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp99-8
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    File URL: https://www.piie.com/publications/working-papers/modeling-korean-unification
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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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