Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Bankruptcy Procedures For Sovereigns
Download Bankruptcy Procedures For Sovereigns full books in PDF, epub, and Kindle. Read online Bankruptcy Procedures For Sovereigns ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Bankruptcy Procedures for Sovereigns by : Kenneth Rogoff
Download or read book Bankruptcy Procedures for Sovereigns written by Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.
Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Mr.Kenneth Rogoff
Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-03-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
Book Synopsis Toward a Statutory Approach to Sovereign Debt Restructuring by : Mr.Patrick Bolton
Download or read book Toward a Statutory Approach to Sovereign Debt Restructuring written by Mr.Patrick Bolton and published by International Monetary Fund. This book was released on 2003-01-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority, majority voting among creditors on the proposed reorganization plan, and new higher priority financing to keep the firm going while its liabilities are restructured. The paper argues that these components ought to be present in any sovereign debt restructuring procedure.
Book Synopsis A Bankruptcy Procedure for Sovereign Debtors? by : Hal S. Scott
Download or read book A Bankruptcy Procedure for Sovereign Debtors? written by Hal S. Scott and published by . This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores whether a more formal bankruptcy procedure, the quot;Sovereign Debt Restructuring Mechanismquot; (SDRM) as proposed by the IMF, or in some modified form, is needed to deal with sovereign debt problems. The key consequences of the invocation of such a procedure would be a standstill on creditors' collections of principal and interest, a stay on creditors' attachments or foreclosures on assets, and new money priority for any funds lent to a sovereign during the duration of the procedure. Negotiations would ensue between the sovereign and the creditors over the terms of restructuring, with super-majority voting on acceptance of any restructuring plan. Once accepted, creditors could not holdout by asking courts to enforce the original terms of their debt instruments. The article also explores whether more widespread use of collective action clauses (CACs) in sovereign bonds would be an alternative to SDRM.The article proposes that credible restraints be placed on IMF and official lending since without such constraints sovereigns will not have sufficient incentives to restructure. It further proposes that the G-7 efforts to encourage CACs be abandoned since they will not be adopted and cannot solve the restructuring problem. It then recommends a modified SDRM that is more creditor friendly. The modifications would require: (1) the development of a benchmark on debt valuation to insure creditors receive fair value in a reorganization; (2) the inclusion of all debt, except secured debt, in the process - specifically multilateral, official and domestic debt - to eliminate debt discrimination; (3) the use of cramdown; and (4) minimization of the role of the IMF.
Book Synopsis Bankruptcy Proceedings for Sovereign State Insolvency by : Jonathan Thomas
Download or read book Bankruptcy Proceedings for Sovereign State Insolvency written by Jonathan Thomas and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the main issues involved in translating domestic bankruptcy procedures to the sovereign context. It considers some of the principles by which domestic bankruptcy procedures operate, and the extent to which they apply to international lending. Two recent proposals are considered in more detail, that of Krueger (A New Approach to Sovereign Debt Restructuring) and that of Pettifor (ch. 9/11, Resolving International Debt Crises - the Jubilee Framework for International Insolvency). The paper also considers the question of the ex ante effects of a procedure which makes default less costly, and concludes that despite a negative impact on the ability to borrow, the overall welfare effect need not be negative.
Book Synopsis Bankruptcy Procedures for Sovereign Debtors by :
Download or read book Bankruptcy Procedures for Sovereign Debtors written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea of bankruptcy for insolvent sovereign borrowers has been under discussion for a long time, yet has never been implemented. This paper presents various proposed solutions to apply bankruptcy reorganization principles to sovereign debt crises. The current international framework is inadequate and lacks the efficiency of a working bankruptcy system. This paper analyses the case for an international institutional arrangement to deal with sovereign debt problems considering underlying problems in sovereign credit markets. It finds that certain well-designed sovereign bankruptcy procedures may be one step toward a better international institutional arrangement. However, in order to have any chance to be successful these procedures need to be complemented by a broad set of (international) policy measures in other areas.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Book Synopsis A Debt Restructuring Mechanism for Sovereigns by : Christoph G Paulus
Download or read book A Debt Restructuring Mechanism for Sovereigns written by Christoph G Paulus and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.
Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Kenneth Rogoff
Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Kenneth Rogoff and published by . This book was released on 2006 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
Book Synopsis Revisiting Sovereign Bankruptcy by : Lee C. Buchheit
Download or read book Revisiting Sovereign Bankruptcy written by Lee C. Buchheit and published by . This book was released on 2013 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign debt crises occur regularly and often violently. The recent debt crisis in Greece almost led to the collapse of the Euro. Yet there is no legally and politically recognized procedure for restructuring the debt of bankrupt sovereigns. Procedures of this type have been periodically debated, most recently, about a decade ago, when IMF management proposed a global sovereign debt restructuring mechanism (SDRM). They have so far been rejected. Countries have been reluctant to give up power to supranational rules or institutions. Creditors and debtors have felt that there were sufficient instruments for addressing debt crises at hoc. Importantly, there were also fears that making debt easier to restructure would raise the costs and reduce the amounts of sovereign borrowing in many countries. This was perceived to be against the interests of both the providers of both creditors and major borrowers.
Book Synopsis Crisis? What Crisis? Orderly Workouts for Sovereign Debtors by : Barry J. Eichengreen
Download or read book Crisis? What Crisis? Orderly Workouts for Sovereign Debtors written by Barry J. Eichengreen and published by . This book was released on 1995 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collected the research papers examining whether there are lessons to be learned from the debt-restructuring experience of the 1980s and earlier periods, which could point the way towards a more orderly approach to the resolution of future sovereign debt crises and command a measure of international agreement.
Book Synopsis Sovereign Debt Restructuring by : Netanella Tani Zahavi
Download or read book Sovereign Debt Restructuring written by Netanella Tani Zahavi and published by . This book was released on 2005 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sovereign Debt Restructuring: the Role and Limits of Public International Law by : Annamaria Viterbo
Download or read book Sovereign Debt Restructuring: the Role and Limits of Public International Law written by Annamaria Viterbo and published by . This book was released on 2020 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A 'Bankruptcy' Procedure for Sovereign States by : Marcus Miller
Download or read book A 'Bankruptcy' Procedure for Sovereign States written by Marcus Miller and published by . This book was released on 1997 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bankruptcy Procedures for Sovereign Debtors by : Arttu Makipaa
Download or read book Bankruptcy Procedures for Sovereign Debtors written by Arttu Makipaa and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557758200 Total Pages :108 pages Book Rating :4.7/5 (582 download)
Book Synopsis Orderly and Effective Insolvency Procedures by : International Monetary Fund
Download or read book Orderly and Effective Insolvency Procedures written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-08-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.
Book Synopsis Too Little, Too Late by : Martin Guzman
Download or read book Too Little, Too Late written by Martin Guzman and published by Columbia University Press. This book was released on 2016-05-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
