IMF Working Papers

Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

By Kenneth Rogoff, Jeromin Zettelmeyer

March 1, 2002

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Kenneth Rogoff, and Jeromin Zettelmeyer. Early Ideas on Sovereign Bankruptcy Reorganization: A Survey, (USA: International Monetary Fund, 2002) accessed November 8, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Asset and liability management, Debt renegotiation, Debt rescheduling, Debt restructuring, Financial crises, Sovereign debt restructuring

Keywords: Chapter 11, Club negotiations, Creditor, Creditor committee, Creditor country government, Creditor side, Debt, Debt Crises, Debt renegotiation, Debt rescheduling, Debt restructuring, Debtor, Debtor negotiations, Global, Hold-out creditor, Holdout creditor problem, IMF crisis loan, International Bankruptcy Court, Negotiations, Sovereign Bankruptcy, Sovereign debt restructuring, WP

Publication Details

  • Pages:

    19

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2002/057

  • Stock No:

    WPIEA0572002

  • ISBN:

    9781451847789

  • ISSN:

    1018-5941

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