Contractual Vs. Rules-Based Approaches to Sovereign Debt Restructuring

Jürgen Kaiser ()

Development, 2016, vol. 59, issue 1, 94-99

Abstract: Abstract Possible reforms to global sovereign debt restructuring procedures have largely been categorized as either ‘contractual/market-based’ or ‘statutory’. A closer look to the major Collective Action Clauses proposal shows that this is a false dichotomy. While Collective Action Clauses are useful technical instruments, they are by no means a substitute for a comprehensive debt restructuring framework.

Keywords: Collective Action Clauses; Sovereign debt workout mechanism; Paris Club (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1057/s41301-017-0064-2

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