SOVEREIGN INSOLVENCY PROCEDURES – A COMPARATIVE LOOK AT SELECTED PROPOSALS

Kathrin Berensmann and Angélique Herzberg

Journal of Economic Surveys, 2009, vol. 23, issue 5, 856-881

Abstract: Abstract The most practicable short‐term approaches for sovereign debt restructuring would include a code of conduct (voluntary approach) and collective action clauses (contractual approach). In the medium term, a sovereign insolvency procedure (statutory approach) may have an important role to play because it would be a comprehensive instrument designed to coordinate different creditor groups prior to and during a debt crisis. This paper provides a survey of six comprehensive policy proposals for a sovereign bankruptcy procedure. It points to approaches that could improve existing proposals and creates a basis for new proposals which could prove conducive to reaching political consensus.

Date: 2009
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https://doi.org/10.1111/j.1467-6419.2009.00604.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jecsur:v:23:y:2009:i:5:p:856-881

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