Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

19 Pages Posted: 9 Feb 2006  

Kenneth Rogoff

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

Jeromin Zettelmeyer

Peter G. Peterson Institute for International Economics; CEPR

Date Written: March 2002

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 Classification: B290, B300, F020, F340

Suggested Citation

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

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

Peter G. Peterson Institute for International Economics ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

CEPR ( email )

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

Paper statistics

Downloads
172
Rank
142,343
Abstract Views
1,430