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The Emerging Of A Multilateral Forum For Debt Restructuring: The Paris Club

  • Enrique Cosio-Pascal
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    This paper describes the evolution of intergovernmental relationships on debt rescheduling. It starts describing some experiences that aroused in the 18th Century and which negotiations were carried out, in many occasions, with the help of gunboat diplomacy. The settlement of liabilities that were created at the aftermath of the two 20th Century World Wars, which were – at least for some countries –- not exactly debt but war reparations, gave some insights in how to deal with these problems allowing the debtor country to find its own path to get out of the debt overhang. The settlement of these foreign liabilities may give some guidelines for dealing with debt restructuring in more general cases The creation of the Paris Club – which is a very civilized way to settle debt defaults compared to gunboat diplomacy – is analyzed and described here: first its emergency as an ad hoc transitory institution and later its evolution toward its definitive establishment in the international financial system landscape. It is also suggested that for a combination of events, which included the launch in Evian of the G-8’s so-called Evian Approach for the Paris Club, as well as the lack of support of some major industrialized countries to the implementation of a Sovereign Debt Restructuring Mechanism (SDRM), the Paris Club has become the only feasible international intergovernmental debt restructuring mechanism in spite of numerous shortcomings embodied in it. On this basis, some improvements of the actual mechanism are proposed, without precluding the possibility of the implementation of a more equilibrated SDRM in the future.

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    File URL: http://www.unctad.org/en/docs/osgdp20087_en.pdf
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    Paper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 192.

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    Date of creation: 2008
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    Handle: RePEc:unc:dispap:192
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    1. Jörg Mayer & Arunas Butkevicius & Ali Kadri, 2002. "Dynamic Products In World Exports," UNCTAD Discussion Papers 159, United Nations Conference on Trade and Development.
    2. Manuel R. AGOSIN & Ricardo MAYER, 2000. "Foreign Investment In Developing Countries, Does It Crowd In Domestic Investment?," UNCTAD Discussion Papers 146, United Nations Conference on Trade and Development.
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    6. Jörg Mayer, 2003. "The Fallacy Of Composition: A Review Of The Literature," UNCTAD Discussion Papers 166, United Nations Conference on Trade and Development.
    7. Mehdi SHAFAEDDIN, 2000. "What Did Frederick List Actually Say? Some Clarifications On The Infant Industry Argument," UNCTAD Discussion Papers 149, United Nations Conference on Trade and Development.
    8. Lucas Assuncao & ZhongXiang Zhang, 2002. "Domestics Climate Change Policies And The Wto," UNCTAD Discussion Papers 164, United Nations Conference on Trade and Development.
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    10. Ugo Panizza, 2008. "Domestic And External Public Debt In Developing Countries," UNCTAD Discussion Papers 188, United Nations Conference on Trade and Development.
    11. Jörg MAYER, 2001. "Technology Diffusion, Human Capital And Economic Growth In Developing Countries," UNCTAD Discussion Papers 154, United Nations Conference on Trade and Development.
    12. Michael Geiger, 2008. "Instruments Of Monetary Policy In China And Their Effectiveness: 1994–2006," UNCTAD Discussion Papers 187, United Nations Conference on Trade and Development.
    13. Alberto GABRIELE, 2001. "Science And Technology Policies, Industrial Reform And Technical Progress In China. Can Socialist Property Rights Be Compatible With Technological Catching Up?," UNCTAD Discussion Papers 155, United Nations Conference on Trade and Development.
    14. Jörg MAYER, 2000. "Globalization, Technology Tranfer And Skill Accumulation In Low-Income Countries," UNCTAD Discussion Papers 150, United Nations Conference on Trade and Development.
    15. S.M. Shafaeddin, 2005. "Trade Liberalization And Economic Reform In Developing Countries: Structural Change Or De-Industrialization?," UNCTAD Discussion Papers 179, United Nations Conference on Trade and Development.
    16. Alberto Gabriele, 2004. "Policy Alternatives In Reforming Power Utilities In Developing Countries: A Critical Survey," UNCTAD Discussion Papers 168, United Nations Conference on Trade and Development.
    17. Martina Metzger, 2008. "Regional Cooperation And Integration In Sub-Saharan Africa," UNCTAD Discussion Papers 189, United Nations Conference on Trade and Development.
    18. Heiner FLASSBECK, 2002. "The Exchange Rate: Economic Policy Tool Or Market Price?," UNCTAD Discussion Papers 157, United Nations Conference on Trade and Development.
    19. Jörg Mayer, 2008. "Policy Space: What, For What, And Where?," UNCTAD Discussion Papers 191, United Nations Conference on Trade and Development.
    20. Yuefen Li, 2003. "China´S Accession To Wto: Exaggerated Fears?," UNCTAD Discussion Papers 165, United Nations Conference on Trade and Development.
    21. Jorg Mayer & Pilar Fajarnes, 2008. "Tripling Africa's Primary Exports: What, How, Where?," Journal of Development Studies, Taylor & Francis Journals, vol. 44(1), pages 80-102.
    22. Jörg MAYER, 2004. "Not Totally Naked: Textiles And Clothing Trade In A Quota Free Environment," UNCTAD Discussion Papers 176, United Nations Conference on Trade and Development.
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