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Bankruptcy Procedures for Sovereigns; A History of Ideas, 1976-2001

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  • Jeronimo 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.

Suggested Citation

  • Jeronimo Zettelmeyer & Kenneth Rogoff, 2002. "Bankruptcy Procedures for Sovereigns; A History of Ideas, 1976-2001," IMF Working Papers 02/133, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:02/133
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    1. Krugman, Paul, 1988. "Financing vs. forgiving a debt overhang," Journal of Development Economics, Elsevier, vol. 29(3), pages 253-268, November.
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    Keywords

    Debt; Financial crisis; sovereign bankruptcy; debt crises; international bankruptcy court; Chapter 11; sovereign debt; creditors; debt restructuring; creditor; History of Thought since 1925: Other; History of Thought: Individuals: General; International Economic Order;

    JEL classification:

    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • F02 - International Economics - - General - - - International Economic Order and Integration

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