Financial crises: an approach from expectations at asset markets

Martín Guzmán
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Martín Guzmán: Columbia University – IIEP-BAIRES (UBA-CONICET) – CIGI

Revista de Economía Política de Buenos Aires, 2018, issue 17, 49-104

Abstract: Argentina’s 2001 default was followed by a complex debt restructuring that included a long legal dispute with socalled “vulture funds” and other holdout creditors. The full resolution of the sovereign default took almost 15 years. This paper examines the whole restructuring process. It describes the strategies followed by the debtor and the bondholders, the domestic economic implications of the restructuring and the characteristics of the legal disputes. It also analyzes the implications of the default resolution for the functioning of sovereign lending markets.

Keywords: Debt Crisis; Argentina; Restructuration (search for similar items in EconPapers)
JEL-codes: F34 G01 H12 H63 (search for similar items in EconPapers)
Date: 2018
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