منابع مشابه
Sovereign Debt Restructuring
nancial crises is one of the gravest threats to an open and liberal international economic order... Recent events in Turkey and Argentina demonstrate that financial crises with potentially profound consequences for economic and political stability are not a thing of the past. They also demonstrate the continued urgency of finding practical and concrete means to handle the crises that do occur.”...
متن کاملSovereign debt restructuring: the Judge,
What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. ...
متن کاملSovereign Debt Restructuring: Recent Issues and Reforms
Over the past decade, 14 countries have undertaken a total of 18 debt restructurings. Concerns surrounding some of these restructurings have led policymakers and capital market participants to review their policies and practices on restructuring sovereign debt. in particular, court rulings as a result of litigation against Argentina have raised fears that a small minority of creditors could blo...
متن کاملNew Developments in Sovereign Debt Restructuring
There have been about 190 debt exchanges since 1950. Is this too many or too few? Have countries restructured debts in a timely manner or have they delayed too much? Have delays been costly, are they avoidable? What has led countries to these difficult decisions? What have been the costs and what have been the benefits of debt restructuring? As the majority of cases have not led to protracted l...
متن کاملSovereign Debt Restructuring: Problems and Prospects
This Article reviews the history of sovereign debt restructuring operations with private sector creditors with a view toward diagnosing the factors that lead to inferior outcomes. The Article also attempts to forecast potential problems that may arise in sovereign debt restructuring negotiations in the future and reviews possible modifications of existing institutions. The future potential prob...
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ژورنال
عنوان ژورنال: Journal of Economic Perspectives
سال: 2003
ISSN: 0895-3309
DOI: 10.1257/089533003772034907