Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001

By Kenneth Rogoff, Jeromin Zettelmeyer. Social Science Research Network, 2002

161 citations recorded by the source corpus.

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed “Sovereign Debt Restructuring Mechanism,” with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving consensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.

Subfields: Strategy and Management

View Paper: https://www.semanticscholar.org/paper/9f636bf85b9970cd189b05494a154577f673f2e6

Citations in the corpus

• Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World (2003, unknown): “They also build on perceptive early policy proposals by academics, most notably Oechsli (1981) and Sachs (1995) (see Rogoff and Zettelmeyer, 2002 for a survey of proposals).”
• A European mechanism for sovereign debt crisis resolution: a proposal. Bruegel Blueprint Series, 9 November 2010 (2010, unknown): “For a review, see Rogoff and Zettelmeyer (2002b).”