A Skeptic's Case for Sovereign Bankruptcy

34 Pages Posted: 9 Jan 2013 Last revised: 18 Oct 2013

See all articles by Anna Gelpern

Anna Gelpern

Georgetown University Law Center

Date Written: April 9, 2013


This essay describes fundamental flaws in the sovereign debt restructuring regime, but questions the prevailing arguments for sovereign bankruptcy. I conclude that efficient debt outcomes may well come about without bankruptcy, but that a statutory regime is necessary to achieve sovereign autonomy and political legitimacy.

Keywords: sovereign debt, debt restructuring, sovereign bankruptcy, SDRM

JEL Classification: F34

Suggested Citation

Gelpern, Anna, A Skeptic's Case for Sovereign Bankruptcy (April 9, 2013). Houston Law Review, Vol. 50, pp. 1095-1127, 2013 Forthcoming , American University, WCL Research Paper No. 2013-02, Available at SSRN: https://ssrn.com/abstract=2198161

Anna Gelpern (Contact Author)

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States

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