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| Author: | Krueger, A. |
| Title: | Sovereign Debt Restructuring: Messy or Messier? |
| Journal: | American Economic Review
2003 : MAY, VOL. 93:2, p. 70-74 |
| Index terms: | DEVELOPING COUNTRIES DEBT MANAGEMENT IMF |
| Language: | eng |
| Abstract: | Ever since the Mexican, Asian, and Russian crises of the mid- 1990's, efforts have been underway to find means for effective prevention and resolution of currency-financial crises. One item on the agenda, which should contribute both to prevention and to resolution, is dealing with unsustainable debt burdens of sovereign nations. There are two groups of proposals. The first calls for more widespread use of collective-action clauses (CAC's). A second calls for a statutory approach, providing a legal framework against or through which sovereign debt restructuring could take place. The IMF proposal calls for a Sovereign Debt Restructuring Mechanism (SDRM), which is a statutory approach. |
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