TY  - GEN
Y1  - 2003///
TI  - Bankruptcy Procedures for Sovereign Debtors
ID  - heidok3432
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/3432/
A1  - Makipaa, Arttu
N2  - 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.
KW  - Staateninsolvenz 
KW  -  Schuldenkrisen 
KW  -  Internationale Kreditmärkte 
KW  -  Internationales FinanzsystemBankruptcy reorganization 
KW  -  sovereign debtors 
KW  -  international credit markets 
KW  -  debt theory
AV  - public
ER  -