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

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Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001
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Volume/Issue:
2002/133
Series:
IMF Working Papers
Author(s):
Jeronimo Zettelmeyer, and Kenneth Rogoff
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
August 2002
DOI:
http://dx.doi.org/10.5089/9781451855500.001
ISBN:
9781451855500
ISSN:
1018-5941
Page:
46
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.
Article

Bankruptcy Procedures for Sovereigns

Author(s):
Jeronimo Zettelmeyer, and Kenneth Rogoff
Published Date:
August 2002
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