Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

IMF Working Papers, March 1, 2002

Source details

Paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level.
Focus period: proposals made from the late 1970s up to an influential lecture by Sachs (1995).
Brief reference is made to the formal economics literature on sovereign debt.
Begins with a paper by Oechsli (1981) and traces several key contributions during this period.

Analogy with domestic bankruptcy procedures as applied to sovereign debt.
Identification and analysis of inefficiencies in international lending that might justify international reorganization procedures.
Specific institutional and legal suggestions proposed in the literature that continue to play a role in current debates about sovereign bankruptcy reorganization.

By Kenneth Rogoff, Jeromin Zettelmeyer
March 1, 2002
Disclaimer included in the source: "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."

Subjects: 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