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Creating a Framework for Sovereign Debt Restructuring That Works

Martin Guzman and Joseph E. Stiglitz

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

Recent controversies surrounding sovereign debt restructurings show the weaknesses of the current market-based system in achieving efficient and fair solutions to sovereign debt crises. This article ... More


Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz (eds)

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
book
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on ... More


Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There is Still More to do

Richard Gitlin and Brett House

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

The international community made some important advances in recent years to reduce the costs of sovereign debt restructuring for debtors and creditors through improved contractual language for bond ... More


Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds

Anna Gelpern, Ben Heller, and Brad Setser

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds, by Anna Gelpern, Ben Heller, and Brad Setser


Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives

Marilou Uy and Shichao Zhou

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This paper focuses on the sovereign debt of developing countries, particularly over the last decade. It provides an overview of broadly favorable public debt trends in developing countries. It notes ... More


Sovereign Debt Restructuring: A Coasean Perspective

James A. Haley

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter points to the importance of creditor committees for achieving successful sovereign debt restructurings. He claims that a more widespread utilization of creditor committees would minimize ... More


Greek Debt Denial: A Modest Debt Restructuring Proposal and why it was Ignored

Yanis Varoufakis

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

Greek Debt Denial: A Modest Debt Restructuring Proposal and Why It Was Ignored, by Yanis Varoufakis


Perspectives on a Sovereign Debt Restructuring Framework: Less is More

Richard A. Conn

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 13: argues that the creation of an agreed upon framework that interacts with private party contracts or restricts contractual options ex ante is a logical alternative to the status quo. This ... More


Toward a Framework for Sovereign Debt Restructuring: What can Public International Law Contribute?

Robert Howse

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 14: analyzes some of the possible elements of an international law approach to a multilateral framework for sovereign debt restructuring. The chapter draws extensively from the deliberations ... More


Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns

Timothy B. DeSieno

in Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Published in print:
2016
Published Online:
January 2017
ISBN:
9780231179263
eISBN:
9780231542029
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231179263.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter makes three points regarding recent improvements for sovereign debt contracts suggested by the International Capital Market Association (ICMA), which were later endorsed by the IMF. ... More


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