Early Ideas on Sovereign Bankruptcy Reorganization : A Survey

Author/Editor:

Kenneth Rogoff ; Jeronimo Zettelmeyer

Publication Date:

March 1, 2002

Electronic Access:

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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.

Series:

Working Paper No. 02/57

Subject:

English

Publication Date:

March 1, 2002

ISBN/ISSN:

9781451847789/1018-5941

Stock No:

WPIEA0572002

Format:

Paper

Pages:

19

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