Sovereign Debt Crises and Their Resolution: Recent Developments (notice n° 225550)
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| fixed length control field | 02129cam a2200217 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112061112.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Mahieu, Géraldine |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Sovereign Debt Crises and Their Resolution: Recent Developments |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2003.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 76 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | In the aftermath of the Mexican crisis of 1994 and against a background of increased reliance by sovereign debtors on bond financing in the early 1990s, the Group of Ten published in 1996 a report on the resolution of sovereign liquidity crises. To promote a more orderly resolution of such crises and hence reduce the huge costs involved, the so-called Rey Report put much emphasis on the benefits of including collective action clauses (CAC) in sovereign bond issues through a market-led process. Since 1996, the world has seen several new large debt crises in emerging economies, constituting serious threats to international financial stability. The debate over the inclusion of CACs, or what is called today a contractual approach, has regained considerable momentum, as has the debate over a statutory approach, which would imply the creation of a sovereign debt-restructuring mechanism. This paper recalls experiences with recent debt crises and analyzes the potential impact of the proposals put forward as part of the current debate over the behavior of both creditors and debtors. Building on that analysis, the point is made that statutory and contractual approaches are not only complementary and self-reinforcing but are inextricably interlinked, while presumptive access limits to Fund financing act as a catalyst for the proper functioning of both. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | international financial architecture |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | International Monetary Fund |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | sovereign debt crises |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Rottier, Stéphane |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Schepens, Thomas |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Reflets et perspectives de la vie économique | Volume XLII | 2 | 2003-06-01 | p. 73-84 | 0034-2971 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-reflets-et-perspectives-de-la-vie-economique-2003-2-page-73?lang=en">https://shs.cairn.info/journal-reflets-et-perspectives-de-la-vie-economique-2003-2-page-73?lang=en</a> |
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