Holdings: Resolving sovereign debt crises

Resolving sovereign debt crises: towards a fair and transparent international insolvency framework

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Bibliographic Details
Main Author:	Kaiser, Jürgen 1954- (Author)
Format:	Book
Language:	English
Published:	Berlin Friedrich-Ebert-Stiftung, Dep. for Global Policy and Development 2010
Series:	Study / Friedrich-Ebert-Stiftung Dialogue on globalization
Subjects:	Auslandsschulden Internationale Finanzpolitik Finanzkrise
Online Access:	Inhaltsverzeichnis
Physical Description:	39 S.
ISBN:	9783868724776

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MARC


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Record in the Search Index

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adam_text	STUDY OOOOOOO O OOOOOOOOO O O O O O OOOOOOOOOOOOO OOOOOOOOO OO O OOOOOOOOOOOOOOOOOO O O O O O O O O O O O O O O O O O O O O O O O O OOOOOOO OOOOOOOOOOOOOOOOOC O#O O R -, ; ; ,.: O O O ?* -* :.) O C :. C O C O ; * O - RESOLVING SOVEREIGN DEBT CRISES ; TOWARDS A FAIR AND TRANSPARENT O O O O INTERNATIONAL INSOLVENCY FRAMEWORK O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O OO O 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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isbn	9783868724776
language	English
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publisher	Friedrich-Ebert-Stiftung, Dep. for Global Policy and Development
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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
work_keys_str_mv	AT kaiserjurgen resolvingsovereigndebtcrisestowardsafairandtransparentinternationalinsolvencyframework

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