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Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

Kenneth Rogoff
Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Jeromin Zettelmeyer
International Monetary Fund (IMF)


March 2002

IMF Working Paper No. 02/57

Abstract:     
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.

Keywords: Sovereign Bankruptcy, Debt Crises, International Bankruptcy Court, Chapter 11

JEL Classifications: B290, B300, F020, F340

Working Paper Series

Date posted: February 09, 2006 ; Last revised: May 09, 2006

Suggested Citation

Rogoff, Kenneth S. and Zettelmeyer, Jeromin, Early Ideas on Sovereign Bankruptcy Reorganization: A Survey (March 2002). IMF Working Paper, Vol. , pp. 1-19, 2002. Available at SSRN: http://ssrn.com/abstract=879533


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Contact Information

Kenneth S. Rogoff (Contact Author)
Harvard University - Department of Economics ( email )
Littauer Center
Room 232
Cambridge, MA 02138
United States
617-495-4022 (Phone)
617-495-7730 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Jeromin Zettelmeyer
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
202-623-5363 (Phone)
202-623-7499 (Fax)
HOME PAGE: http://www.imf.org/external/np/cv/CV.aspx?AuthID=103
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