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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


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


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


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


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


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


Sovereign Debt Restructuring

Y.V. Reddy, Narayan Valluri, and Partha Ray

in Financial and Fiscal Policies: Crises and New Realities

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.003.0012
Subject:
Economics and Finance, Financial Economics

This chapter is devoted to exploration of emerging new realities of liquidity facilities for the sovereigns and sovereign debt restructuring in the global economy. Prospects for establishing orderly ... 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


A Sovereign Debt Arbitral Mechanism from a Human Rights Perspective

Ilias Bantekas

in Sovereign Debt and Human Rights

Published in print:
2018
Published Online:
January 2019
ISBN:
9780198810445
eISBN:
9780191847783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198810445.003.0025
Subject:
Law, Human Rights and Immigration, Public International Law

From time to time, States experience difficulty in servicing their debts. This necessitates changes to the repayment terms of repayment on at least some of their debt—either that the terms are made ... 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


Reforming Sovereign Lending Practices: Modern Initiatives in Historical Context

W. Mark C. Weidemaier

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/9780199674374.003.0015
Subject:
Law, Company and Commercial Law, Public International Law

In response to the Eurozone sovereign debt crisis, policymakers have initiated reform efforts all along the continuum between soft and hard law. One of the most ambitious is the United Nations ... 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


Resolution of Balance-of-Payments Crises: Emergency Financing and Debt Workouts

José Antonio Ocampo

in Resetting the International Monetary (Non)System

Published in print:
2017
Published Online:
November 2017
ISBN:
9780198718116
eISBN:
9780191787478
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198718116.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter analyses the history and effectiveness of the two major mechanisms of resolution of balance-of-payments crises: IMF emergency financing and complementary mechanisms, and sovereign debt ... 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


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


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


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