Early Ideas on Sovereign Bankruptcy Reorganization: A Survey
Harvard University - Department of Economics; National Bureau of Economic Research (NBER)
European Bank for Reconstruction and Development; CEPR; Peter G. Peterson Institute for International Economics
IMF Working Paper No. 02/57
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.
Number of Pages in PDF File: 19
Keywords: Sovereign Bankruptcy, Debt Crises, International Bankruptcy Court, Chapter 11
JEL Classification: B290, B300, F020, F340working papers series
Date posted: February 9, 2006
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