Is It Possible to Improve Sovereign Debt Restructuring?
Sovereign debt crises constitute one of the most pressing shortcomings in the current state of financial globalization. The evolution of international sovereign credit markets has made sovereign debt restructuring processes more complex. Unlike in corporate bankruptcies, sovereign debt defaults enta...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2016 |
| País: | México |
| Institución: | UNIVERSIDAD NACIONAL AUTÓNOMA DE MÉXICO |
| Repositorio: | Problemas del Desarrollo. Revista Latinoamericana de Economía |
| Idioma: | español inglés |
| OAI Identifier: | oai:ojs.pkp.sfu.ca:article/53454 |
| Acceso en línea: | https://www.probdes.iiec.unam.mx/index.php/pde/article/view/53454 |
| Access Level: | acceso abierto |
| Palabra clave: | Sovereign debt public debt restructuring vulture fund international financial system deudas soberanas deuda pública reestructuración fondos buitres sistema financiero internacional |
| Sumario: | Sovereign debt crises constitute one of the most pressing shortcomings in the current state of financial globalization. The evolution of international sovereign credit markets has made sovereign debt restructuring processes more complex. Unlike in corporate bankruptcies, sovereign debt defaults entail systemic national and global macroeconomic implications. The current contractual approach to sovereign debt restructuring may become increasingly less effective in overcoming problems requiring collective action. However, this is the only viable option at present. Recent proposals from the International Capital Market Association (ICMA) could substantially improve this approach. Although interesting as an idea, the statutory alternative is still not feasible. |
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