Abstract

http://ssrn.com/abstract=879911
 
 

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Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001


Kenneth Rogoff


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

Jeromin Zettelmeyer


European Bank for Reconstruction and Development; CEPR; Peter G. Peterson Institute for International Economics

August 2002

IMF Working Paper No. 02/133

Abstract:     
This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger`s (2001) proposed Sovereign Debt-Restructuring Mechanism, with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.

Number of Pages in PDF File: 45

Keywords: sovereign bankruptcy, debt crises, international bankruptcy court, Chapter 11

JEL Classification: B290, B300, F020, E340

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Date posted: February 2, 2006  

Suggested Citation

Rogoff, Kenneth and Zettelmeyer, Jeromin, Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001 (August 2002). IMF Working Paper No. 02/133. Available at SSRN: http://ssrn.com/abstract=879911

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
European Bank for Reconstruction and Development ( email )
One Exchange Square
London, EC2A 2JN
United Kingdom
+442073386178 (Phone)
+442073386110 (Fax)
HOME PAGE: http://www.ebrd.com/pages/research/economics/researchers.shtml#jeromin
CEPR ( email )
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Peter G. Peterson Institute for International Economics ( email )
1750 Massachusetts Avenue, NW
Washington, DC 20036
United States
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