Will the Sovereign Debt Market Survive?

Andrei Shleifer

No 9493, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Economic theory and evidence from a variety of debt markets shed light on current reform proposals concerning emerging market debt. Debt markets, including the U.S. municipal bond market, generally function best when the rights of creditors are protected most effectively. Since current IMF reform proposals significantly emasculate creditor rights, they are likely to have an adverse effect on the flow of new funds to sovereign borrowers.

JEL-codes: F33 F34 (search for similar items in EconPapers)
Date: 2003-02
New Economics Papers: this item is included in nep-rmg
Note: AP CF IFM LE
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Citations: View citations in EconPapers (60)

Published as Shleifer, Andrei. "Will The Sovereign Debt Market Survive?," American Economic Review, 2003, v93(2,May), 85-90.

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Journal Article: Will the Sovereign Debt Market Survive? (2003)
Working Paper: Will The Sovereign Debt Market Survive? (2003)
Working Paper: Will the Sovereign Debt Market Survive? (2003)
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