Restructuring Sovereign Debt: The Case for Ad Hoc Machinery / Edition 1

Restructuring Sovereign Debt: The Case for Ad Hoc Machinery / Edition 1

by Alexis Rieffel
     
 

ISBN-10: 081577446X

ISBN-13: 9780815774464

Pub. Date: 09/28/2003

Publisher: Brookings Institution Press

The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the

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Overview

The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue. Rieffel's book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d'Ivoire.

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Product Details

ISBN-13:
9780815774464
Publisher:
Brookings Institution Press
Publication date:
09/28/2003
Edition description:
New Edition
Pages:
368
Product dimensions:
6.00(w) x 9.00(h) x (d)

Table of Contents

Preface
List of Acronyms
1Sovereign Default in the Bretton Woods Era1
2Fundamental Concepts9
3The Main Players24
4Fundamental Issues45
5The Paris Club56
6The Bank Advisory Committee (London Club) Process95
7The North-South Dialogue in the 1970s132
8The Debt Crisis of the 1980s and the Brady Plan Solution149
9The HIPC Initiative in the 1990s178
10The Post-1994 Crises and the Role of Bonds188
11The Debate over Private Sector Involvement, 1995-2002220
12What Is Broken? What Fixes Make Sense?260
App. A"Countries Don't Go Bankrupt"289
App. BFive Milestone Cases295
References317
Index327

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