Early Ideas on Sovereign Bankruptcy Reorganization: A Survey
March 1, 2002
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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
Pages:
19
Volume:
2002
DOI:
Issue:
057
Series:
Working Paper No. 2002/057
Stock No:
WPIEA0572002
ISBN:
9781451847789
ISSN:
1018-5941
