TY  - BOOK
AU  - Rogoff,Kenneth
AU  - Zettelmeyer,Jeromin
TI  - Bankruptcy procedures for sovereign: a history of ideas, 1976-2001 
T2  - IMF working paper
U1  - 336.3435 21
PY  - 2002///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - CRISIS FINANCIERA
KW  - REPROGRAMACION DE LA DEUDA
KW  - QUIEBRA
KW  - REESTRUCTURACION DE LA DEUDA
N1  - Bibliografía: p. 35-44
N2  - 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 concensus 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.

UR  - http://www.imf.org/external/pubs/ft/wp/2002/wp02133.pdf
ER  -