Sovereign Debt
Sovereign Debt
Notes on Theoretical Frameworks and Policy Analyses
This chapter focuses on what lessons might be drawn for sovereign insolvency from the principles underlying national policies for corporate or personal bankruptcy. It then develops a framework to analyze alternative mechanisms for sovereign debt restructuring. It draws parallels between private and government bankruptcy and finds that the special nature of governments makes it complicated, but not impossible, to define an attractive sovereign counterpart to national bankruptcy laws. It notes that different processes for dealing with insolvency, as well as their outcomes, can be more or less efficient and fair. It argues that countries adopt domestic bankruptcy laws for both efficiency and equity reasons, and that the goal of an effective bankruptcy regime should therefore be both ex ante and ex post, efficient and equitable
Keywords: private sector restructurings, sovereign bankruptcy, private bankruptcy, resolving sovereign debt crises
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