Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

Kenneth Rogoff and Jeromin Zettelmeyer

No 2002/057, IMF Working Papers from International Monetary Fund

Abstract: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.

Keywords: WP; creditor; debt; debtor; negotiations; creditor country government; Sovereign Bankruptcy; Debt Crises; International Bankruptcy Court; Chapter 11; holdout creditor problem; hold-out creditor; creditor committee; club negotiations; IMF crisis loan; debtor negotiations; creditor side; Debt restructuring; Sovereign debt restructuring; Debt rescheduling; Debt renegotiation; Global (search for similar items in EconPapers)
Pages: 19
Date: 2002-03-01
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Citations: View citations in EconPapers (14)

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