Early Ideas on Sovereign Bankruptcy Reorganization: A Survey
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Summary:
This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
Series:
Working Paper No. 2002/057
Subject:
Asset and liability management Debt renegotiation Debt rescheduling Debt restructuring Financial crises Sovereign debt restructuring
English
Publication Date:
March 1, 2002
ISBN/ISSN:
9781451847789/1018-5941
Stock No:
WPIEA0572002
Pages:
19
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