Resolving sovereign debt crises: towards a fair and transparent international insolvency framework
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Berlin
Friedrich-Ebert-Stiftung, Dep. for Global Policy and Development
2010
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| Schriftenreihe: | Study / Friedrich-Ebert-Stiftung
Dialogue on globalization |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 39 S. |
| ISBN: | 9783868724776 |
Internformat
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Datensatz im Suchindex
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| adam_text | STUDY
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- RESOLVING SOVEREIGN DEBT CRISES
; TOWARDS A FAIR AND TRANSPARENT
O O O O INTERNATIONAL INSOLVENCY FRAMEWORK
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JURGEN KAISER
SEPTEMBER;
2010
O
O
O
DUE TO THE GLOBAL FINANCIAL CRISIS, EXTERNAL SOVEREIGN DEBT HAS AGAIN
BECOME A PROB-
LEM TO A BROAD RANGE OF COUNTRIES - FROM EUROPEAN HIGH-INCOME COUNTRIES
TO THE
POOREST STATES ON EARTH - EVEN AFTER THEY HAD OBTAINED DEBT RELIEF
THROUGH EXISTING
MULTILATERAL INITIATIVES.
DESPITE LONG-STANDING EXPERIENCES WITH SOVEREIGN INSOLVENCIES, HOWEVER,
NO MECHA-
NISM PRESENTLY EXISTS TO DEAL WITH THE COMPLEX DEBT STRUCTURES OF MANY
COUNTRIES IN
A COMPREHENSIVE WAY. EXISTING DEBT WORKOUT PROCEDURES - SUCH AS THE
PARIS CLUB,
HIPC/MDRI, OR BRADY-STYLE DEBT CONVERSION - HAVE EITHER BEEN ONE-OFF
EXERCISES NOT
MEANT TO BE APPLIED AS A PERMANENT MECHANISM, OR THEY ARE REINFORCING
COLLECTIVE
ACTION PROBLEMS FOR BEING PIECEMEAL IN CHARACTER.
THIS STUDY THEREFORE ARGUES TO APPLY PRINCIPLES AND PROCEDURES OF
DOMESTIC INSOL-
VENCY TO SOVEREIGNS, IN ORDER TO REACH A FAIR AND SUSTAINABLE DEBT
WORKOUT. IT EXPLAINS
THE PRINCIPLES OF AN AD-HOC OR AN INSTITUTIONALISED FRAMEWORK, AND
DESCRIBES THE POS-
SIBILITIES TO OBTAIN POLITICAL SUPPORT AND TECHNICAL ADVICE FOR
COUNTRIES THAT MAY FIND
THEMSELVES IN NEED OF AN ORDERLY DEBT WORKOUT PROCESS.
C 264486
DIALOGUEON
GLOBALIZATION
O O O O JURGEN KAISER I RESOLVING SOVEREIGN DEBT CRISES
#OOOO
OOOOO
O
CONTENTS 1 ZIQ 273
INTRODUCTION: GREECE AND THE RESURGENCE OF SOVEREIGN DEBT 3
1. THE PERSISTENCE OF SOVEREIGN DEBT AS SYSTEMIC PROBLEM IN THE GLOBAL
SOUTH 3
2. DEBT MANAGEMENT FROM THE CRISIS OF THE 1980S TO
THE DEBT SUSTAINABILITY FRAMEWORK 4
2.1 THE PARIS AND LONDON CLUBS 5
2.2 THE HEAVILY INDEBTED COUNTRIES INITIATIVE AND THE MULTILATERAL DEBT
RELIEF INITIATIVE ... .6
2.3 NON-NEGOTIATED DEBT REDUCTIONS 8
2.4 THE DEBT SUSTAINABILITY FRAMEWORK: PREVENTING FUTURE DEBT CRISIS? 9
3. SHORTCOMINGS OF CURRENT SOVEREIGN DEBT MANAGEMENT: THE NEED FOR
REFORM... .10
3:1 PAYING THE PRICE FOR INEFFICIENT CRISIS RESOLUTION 10
3.2 INCOHERENCE BETWEEN VARIOUS NEGOTIATION FORA 11
3.3 CONFLICTS OF INTERESTS ON THE CREDITORS SIDE 13
3.4 CREDITORS AS INSOLVENCY JUDGES 13
4. MAIN PROPOSALS FOR INTERNATIONAL INSOLVENCY PROCEDURES 16
4.1 PRINCIPLES FOR SETTLING SOVEREIGN DEBT DISPUTES 16
4.2 AD-HOC ARBITRATION PROCESS 17
4.3 THE SOVEREIGN DEBT RESTRUCTURING MECHANISM AND ITS IMPACT ON THE
GLOBAL DEBATE . . 18
4.4 AN INTERNATIONAL INSOLVENCY COURT 20
4.5 PROS AND CONS OF THE ABOVE OPTIONS 22
5. THE POLITICAL DEBATE 23
5.1 FROM ADAM SMITH TO FINANCING FOR DEVELOPMENT*:
CALLS FOR A SOVEREIGN INSOLVENCY FRAMEWORK 23
5.2 EXISTING MULTILATERAL AND NATIONAL POLITICAL COMMITMENTS 26
6. PRACTICAL STEPS TOWARDS RESOLVING A SOVEREIGN DEBT CRISIS 28
6.1 POLITICAL AND LEGAL SCOPE FOR DEBTOR GOVERNMENTS 28
6.2 A STEP-BY-STEP GUIDE TO A FAIR AND TRANSPARENT DEBT WORKOUT
PROCEDURE 29
6.3 POLITICAL SUPPORT FOR GOVERNMENTS SEEKING A FAIR AND COMPREHENSIVE
DEBT WORKOUT . 31
6.4 DEALING WITH ARGUMENTS AGAINST AN INTERNATIONAL INSOLVENCY FRAMEWORK
32
SELECTED BIBLIOGRAPHY AND INTERNET LINKS 35
LITERATURE 36
GLOSSARY 38
LIST OF ABBREVIATIONS 39
|
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T00:05:52Z |
| institution | BVB |
| isbn | 9783868724776 |
| language | English |
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| physical | 39 S. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | Friedrich-Ebert-Stiftung, Dep. for Global Policy and Development |
| record_format | marc |
| series2 | Study / Friedrich-Ebert-Stiftung Dialogue on globalization |
| spelling | Kaiser, Jürgen 1954- Verfasser (DE-588)170963292 aut Resolving sovereign debt crises towards a fair and transparent international insolvency framework Jürgen Kaiser Berlin Friedrich-Ebert-Stiftung, Dep. for Global Policy and Development 2010 39 S. txt rdacontent n rdamedia nc rdacarrier Study / Friedrich-Ebert-Stiftung Dialogue on globalization Auslandsschulden fes Internationale Finanzpolitik fes Finanzkrise (DE-588)7635855-0 gnd rswk-swf Finanzkrise (DE-588)7635855-0 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024394231&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kaiser, Jürgen 1954- Resolving sovereign debt crises towards a fair and transparent international insolvency framework Auslandsschulden fes Internationale Finanzpolitik fes Finanzkrise (DE-588)7635855-0 gnd |
| subject_GND | (DE-588)7635855-0 |
| title | Resolving sovereign debt crises towards a fair and transparent international insolvency framework |
| title_auth | Resolving sovereign debt crises towards a fair and transparent international insolvency framework |
| title_exact_search | Resolving sovereign debt crises towards a fair and transparent international insolvency framework |
| title_full | Resolving sovereign debt crises towards a fair and transparent international insolvency framework Jürgen Kaiser |
| title_fullStr | Resolving sovereign debt crises towards a fair and transparent international insolvency framework Jürgen Kaiser |
| title_full_unstemmed | Resolving sovereign debt crises towards a fair and transparent international insolvency framework Jürgen Kaiser |
| title_short | Resolving sovereign debt crises |
| title_sort | resolving sovereign debt crises towards a fair and transparent international insolvency framework |
| title_sub | towards a fair and transparent international insolvency framework |
| topic | Auslandsschulden fes Internationale Finanzpolitik fes Finanzkrise (DE-588)7635855-0 gnd |
| topic_facet | Auslandsschulden Internationale Finanzpolitik Finanzkrise |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024394231&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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