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Dealing Comprehensively, and Justly, with Sovereign Debt

Jack Boorman

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader ... More


The IMF's SDRM—Simply Disastrous Rescheduling Management?

Kunibert Raffer

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0013
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter argues that that the IMF's sovereign debt restructuring mechanism (SDRM) is misguided in several ways. Most importantly, the SDRM proposal leaves the IMF itself in the position of having ... More


Paris Club: Intergovernmental Relations in Debt Restructuring

Enrique Cosío‐Pascal

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter describes the unique way negotiations within the Paris Club are carried out, with the debtor in essence as supplicant to the creditors who then announce their joint decision on relief, ... More


Assessing Contractual and Statutory Approaches: Policy Proposals for Restructuring Unsustainable Sovereign Debt

Inge Kaul and Pedro Conceiçāo

in The New Public Finance: Responding to Global Challenges

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195179972
eISBN:
9780199850709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195179972.003.0018
Subject:
Economics and Finance, International

This chapter discusses the rationale behind efforts to make sovereign debt restructuring more efficient, orderly and predictable. It compares the contractual and statutory approaches to debt ... More


Exchange Rate Management and Micro Tools for Macro-Management

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, ... More


The Socialization of Greece’s Debt

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0020
Subject:
Business and Management, Public Management

In March 2012, Greece opened a tender for a voluntary bond exchange in which its private bondholders could swap their securities for a variety of redenominated debt instruments. This chapter ... More


US‐led reconstruction amid US‐led occupation: Iraq

Graciana del Castillo

in Rebuilding War-Torn States: The Challenge of Post-Conflict Economic Reconstruction

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199237739
eISBN:
9780191717239
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199237739.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental, International

This chapter focuses on how economic reconstruction failed to become a peacebuilding factor in Iraq. Early proposals for privatization of the oil industry united Iraqis against efforts to disempower ... More


The Russian Federation: From Financial Pariah to Star Reformer

Sergei Gorbunov

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter traces Russia's descent into bankruptcy, from the collapse of the Soviet Union in 1992 to the sovereign default in August 1998, and the recovery strategy that followed. It ascribes the ... More


“Even in a Default There Is Money to Be Made”

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0016
Subject:
Business and Management, Public Management

This chapter presents the main outcomes of the Argentine crisis—from the realignment of the domestic balance of forces in the wake of the default, to the aggressive debt restructuring concluded by ... More


Law, Public Debt, and the Paradoxes of Power

Kenneth Dyson

in States, Debt, and Power: 'Saints' and 'Sinners' in European History and Integration

Published in print:
2014
Published Online:
August 2014
ISBN:
9780198714071
eISBN:
9780191782558
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714071.003.0009
Subject:
Political Science, European Union

This chapter examines the framework of legal ideas and practices governing sovereign debt, notably default and debt restructuring. It looks at their basis in social contract theory with reference to ... More


“The Rich Got the Loans, the Poor Got the Debts”

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0012
Subject:
Business and Management, Public Management

This chapter takes a closer look at the outcomes of the Mexican debt crisis and the consequences of the reduced state autonomy at the heart of the crisis of the 1980s. The first section considers the ... More


Overview: Dealing with Crises

Michael Chui and Prasanna Gai

in Private Sector Involvement and International Financial Crises: An Analytical Perspective

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.003.0008
Subject:
Economics and Finance, Financial Economics

Presents an overview of Part 2 of the book—the management of financial crises. Sovereign bankruptcy and creditor coordination are at the center of this debate. The contractual and statutory ... More


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


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


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


Sovereign Debt Restructurings as Exercises of International Public Authority: Towards a Decentralized Sovereign Insolvency Law

Armin von Bogdandy and Matthias Goldmann

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0003
Subject:
Law, Company and Commercial Law, Public International Law

This paper argues that many sovereign debt restructurings as agreed between defaulting states and their multilateral, bilateral, or private creditors constitute exercises of international public ... More


Open Issues

Michael Chui and Prasanna Gai

in Private Sector Involvement and International Financial Crises: An Analytical Perspective

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.003.0010
Subject:
Economics and Finance, Financial Economics

Explores the circumstances under which the imposition of statutory debt restructuring mechanisms and/or debt standstills can trigger a ‘rush for the exits’ by creditors. Given the possibility of such ... 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


Escaping High Debt: The Narrow Path Ahead

Lorenzo Forni and Marialuz Moreno Badia

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0018
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines what the goal of fiscal adjustment should be and the extent to which other nonconventional measures can help in restoring and maintaining market confidence in advanced ... More


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