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A Bankruptcy Procedure for Sovereign States

Author

Listed:
  • Miller, M.
  • Zhang, L.

Abstract

Do emerging economies need a bankruptcy procedure to handle potential debt defaults? Jeff Sachs and John Williamson, for example, say yes. But others, including notably the two Working Groups who issued reports on Crisis Resolution (on behalf of G10 and the Institute of International Finance) say no - mainly on account of "moral hazard" ascribed to debtors. But could the replacement of syndicated bank lending with widely held bond debt under the Brady plan have posed a problem of inter-creditor conflict sufficiently pressing to have tipped the balance in favour of having an orderly procedure?

Suggested Citation

  • Miller, M. & Zhang, L., 1997. "A Bankruptcy Procedure for Sovereign States," The Warwick Economics Research Paper Series (TWERPS) 483, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:483
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    File URL: https://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/1995-1998/twerp483.pdf
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    Cited by:

    1. Curzio Giannini, 1998. ""Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function," Temi di discussione (Economic working papers) 341, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    BANKRUPTCY ; DEBT ; MORAL HAZARD;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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