Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill

Marcus Miller and Lei Zhang ()

No WP99-8, Working Paper Series from Peterson Institute for International Economics

Abstract: Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy- style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a 'race of the vultures'.

Date: 1999-11
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Related works:
Journal Article: Sovereign Liquidity Crises: The Strategic Case for a Payments Standstill (2000)
Working Paper: Sovereign Liquidity Crisis: The Strategic Case for a Payments Standstill (1999)
Working Paper: Sovereign Liquidity Crises: the Strategic Case for a Payments Standstill (1998)
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