Sovereign Insolvency Procedures – A Comparative Look at Selected Proposals

26 Pages Posted: 9 Nov 2009

See all articles by Kathrin Berensmann

Kathrin Berensmann

Deutsches Institut für Entwicklungspolitik (DIE) - German Development Institute (DIE)

Angélique Herzberg

affiliation not provided to SSRN

Abstract

The most practicable short-term approaches for sovereign debt restructuring would include a code of conduct (voluntary approach) and collective action clauses (contractual approach). In the medium term, a sovereign insolvency procedure (statutory approach) may have an important role to play because it would be a comprehensive instrument designed to coordinate different creditor groups prior to and during a debt crisis. This paper provides a survey of six comprehensive policy proposals for a sovereign bankruptcy procedure. It points to approaches that could improve existing proposals and creates a basis for new proposals which could prove conducive to reaching political consensus.

Suggested Citation

Berensmann, Kathrin and Herzberg, Angélique, Sovereign Insolvency Procedures – A Comparative Look at Selected Proposals. Journal of Economic Surveys, Vol. 23, Issue 5, pp. 856-881, December 2009. Available at SSRN: https://ssrn.com/abstract=1501374 or http://dx.doi.org/10.1111/j.1467-6419.2009.00604.x

Kathrin Berensmann (Contact Author)

Deutsches Institut für Entwicklungspolitik (DIE) - German Development Institute (DIE) ( email )

Tulpenfeld 4
Bonn, 53113
Germany

Angélique Herzberg

affiliation not provided to SSRN

No Address Available

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