Restructuring Sovereign Debt
The Case for Ad Hoc Machinery
Bibliographic Data
| ID | 9820666 |
|---|---|
| Authors | Richard N Cooper (corresponding author), Lex Rieffel |
| Year | 2004 |
| Volume | 83 |
| Issue | 1 |
| Pages | 170 |
| Publication date | 2004-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Foreign Affairs (JOURNAL) |
| Journal identifiers | ISSN: 0015-7120 • E-ISSN: 2327-7793 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/20033849 |
| OpenAlex | W561942905 |
| Language | EN |
| Citations received | 19 |
The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as hoc to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Cote d'Ivoire
Business · Debt restructuring · Economics · Financial system · Political science · Politics · Restructuring · Sovereign debt · Sovereignty · Finance · Global Financial Crisis and Policies · Law
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Inequality, Democracy, and the Environment
Policy Watch
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IMF conditionality and the economic exposure of its shareholders
Layering of informal organisations in international regimes
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Determinants of developing country debt
Do the IMF and the World Bank influence voting in the UN General Assembly
The political economy of IMF forecasts
Master or Servant? Common Agency and the Political Economy of IMF Lending
Reframing the debate
The G20 reciprocal socialization for global coordination on sovereign debt and development
What finance wants
Official debt restructurings and development
Getting to yes
| Citations per year | 0.95 |
|---|---|
| Citation span | 2006 - 2026 (21) |
| Highly cited | No |