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Approaches about sovereign insolvency
Authors
-
Juan Camilo Uribe Blanco
http://orcid.org/0000-0002-4312-4367
Abstract
This article addresses some scholar proposals and regulations regarding the challenges involved when countries cannot pay in due manner and time their sovereign debts. It emphasizes the importance in the international context of establishing basis for a common framework on the matter and the difficulties that some of the proposals raised in that regard have faced.Keywords:
Sovereign insolvency, international bankruptcy regulation, sovereign debt issuance agreementsReferences
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Anand, Kartik y Prasanna Gai (2018). «Pre-emptive sovereign debt restructuring and holdout litigation». Oxford Economic Papers, 71 (2): 364-381. DOI: 10.1093/oep/gpy039.
Benjamin, David y Mark Wright (2018). «Deconstructing delays in sovereign debt restructuring». Oxford Economic Papers, 71 (2): 382-404. DOI: https://doi.org/10.1093/oep/gpy042.
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Brooks, Skylar y Eric Helleiner (2017). «Debt politics as usual? Reforming the sovereign debt restructuring regime after 2008». International Affairs, 93 (5): 1.085- 1.105. DOI: 10.1093/ia/iix159.
Brooks, Skylar y Domenico Lombardi (2015). «Governing sovereign debt restructuring through regulatory standards». Journal of Globalization and Development, 6 (2): 287-318. DOI: 10.1515/jgd-2015-0024.
Cecchetti, Stephen (2011). «Global imbalances: Current accounts and financial flows». Myron Scholes Global Markets Forum, Universidad de Chicago, 27 de septiembre de 2011. Disponible en https://bit.ly/2TmDU0k.
Choi, Stephen, Mitu Gulati y Eric Posner (2012). «The evolution of contractual terms in sovereign bonds». Journal of Legal Analysis, 4 (1): 131-179. Disponible en https://bit.ly/3rp42V9.
Forni, Lorenzo, Geremia Palomba, Joana Pereira y Christine Richmond (2021). «Sovereign debt restructuring and growth». Oxford Economic Papers, 73 (2): 671-697. DOI: 10.1093/oep/gpaa033.
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Gambina, Julio (2003). «Sobre la deuda externa pública de Argentina: ¿Qué hace el Gobierno y qué debiera hacerse?». Expresión Económica, 11: 1-8. Disponible en https://bit.ly/2UYl4gG.
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Gelpern, Anna y Jeromin Zettelmeyer (2019). «CACs and doorknobs». Capital Markets Law Journal, 15 (1): 98-114. DOI: 10.1093/cmlj/kmz024.
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Martinelli, Thibault (2016). «Euro CAC and the existing rules on sovereign debt restructuring in the Euro area: An appraisal four years after the Greek debt swap». ADEMU Working Paper Series. Disponible en https://bit.ly/3eE9ga5.
Nudelsman, Susana (2016). «¿Es posible mejorar la reestructuración de deudas soberanas?». Problemas del Desarrollo, 184 (47): 163-185. DOI: 10.1016/j.rpd.2016.01.008.
Riegner, Michael (2016). «Legal frameworks and general principles for indicators in sovereign debt restructuring». The Yale Journal of International Law Online, 41 (2): 141-175. Disponible en https://bit.ly/3kFEhym.
Ryan, Molly (2014). «Sovereign bankruptcy: Why now and why not in the IMF». Fordham Law Review, 82 (5): 2.473-2.520. Disponible en https://bit.ly/3eDCjLa.
Schneider, Benu (2018). «Sovereign debt restructuring further improvements in the market-based approach». Capital Markets Law Journal, 13 (3): 294-320. DOI: 10.1093/cmlj/kmy013.
Vásquez, Ian (2004). «The Brady Plan and market-based solutions to debt crises». Cato Journal, 16 (2): 233-243. Disponible en https://bit.ly/3hOJBO6.
Zandstra, Deborah (2018). «A possible work plan for further reform of sovereign debt restructuring». Capital Markets Law Journal, 13 (3): 356-391. DOI: 10.1093/cmlj/kmy021.
Zettelmeyer, Jeromin, Christoph Trebesch y Mitu Gulati (2013). «The Greek debt restructuring: An autopsy». Economic Policy, 28: 511-563. Disponible en https://bit.ly/3xXUBhU.
Anand, Kartik y Prasanna Gai (2018). «Pre-emptive sovereign debt restructuring and holdout litigation». Oxford Economic Papers, 71 (2): 364-381. DOI: 10.1093/oep/gpy039.
Benjamin, David y Mark Wright (2018). «Deconstructing delays in sovereign debt restructuring». Oxford Economic Papers, 71 (2): 382-404. DOI: https://doi.org/10.1093/oep/gpy042.
Blackman, Jonathan I. y Rahul Mukhi (2010). «Evolution of modern sovereign debt litigation: Vultures, alter egos, and other legal fauna». Law and Contemporary Problems, 76 (4): 47-61. Disponible en https://bit.ly/3xXNW7o.
Bolton, Patrick y David A. Skeel (2010). «How to rethink sovereign bankruptcy a new role for the IMF?». En Barry Herman, José A. Ocampo y Shari Spiegel (editores), Overcoming developing countries debt crises (pp. 449-488). Oxford: Oxford University Press. DOI: 10.1093/acprof:oso/9780199578788.003.0016.
Brooks, Skylar y Eric Helleiner (2017). «Debt politics as usual? Reforming the sovereign debt restructuring regime after 2008». International Affairs, 93 (5): 1.085- 1.105. DOI: 10.1093/ia/iix159.
Brooks, Skylar y Domenico Lombardi (2015). «Governing sovereign debt restructuring through regulatory standards». Journal of Globalization and Development, 6 (2): 287-318. DOI: 10.1515/jgd-2015-0024.
Cecchetti, Stephen (2011). «Global imbalances: Current accounts and financial flows». Myron Scholes Global Markets Forum, Universidad de Chicago, 27 de septiembre de 2011. Disponible en https://bit.ly/2TmDU0k.
Choi, Stephen, Mitu Gulati y Eric Posner (2012). «The evolution of contractual terms in sovereign bonds». Journal of Legal Analysis, 4 (1): 131-179. Disponible en https://bit.ly/3rp42V9.
Forni, Lorenzo, Geremia Palomba, Joana Pereira y Christine Richmond (2021). «Sovereign debt restructuring and growth». Oxford Economic Papers, 73 (2): 671-697. DOI: 10.1093/oep/gpaa033.
Foro Económico Mundial (2019). The global risks report 2019. Disponible en https://bit.ly/3wVkxZU.
Gambina, Julio (2003). «Sobre la deuda externa pública de Argentina: ¿Qué hace el Gobierno y qué debiera hacerse?». Expresión Económica, 11: 1-8. Disponible en https://bit.ly/2UYl4gG.
Gelpern, Anna, Ben Heller y Brad Setser (2016). «Count the limbs: Designing robust aggregation clauses in sovereign bonds». En Martín Guzmán, José Antonio Ocampo y Joseph Stiglitz (editores), Too little, too late: The quest to resolve sovereign debt crises. Nueva York: Columbia University Press. DOI: 10.7312/columbia/9780231179263.003.0007.
Gelpern, Anna y Jeromin Zettelmeyer (2019). «CACs and doorknobs». Capital Markets Law Journal, 15 (1): 98-114. DOI: 10.1093/cmlj/kmz024.
Goldenberg, Juan (2014). «Justificación y fórmulas de protección al financiamiento de rescate». Revista de Derecho Privado, 26: 351-384. Disponible en https://bit.ly/3hRlLRG.
Guzmán, Martín y Joseph Stiglitz (2016). «Creating a framework for sovereign debt restructuring that works». En Martín Guzmán, José Antonio Ocampo y Joseph Stiglitz (editores), Too little, too late: The quest to resolve sovereign debt crises. Nueva York: Columbia University Press. DOI: 10.7312/columbia/9780231179263.003.0002.
Ghosal, Sayantan y Marcus Miller (2019). «Introduction to the special issue on sovereign debt restructuring». Oxford Economic Papers, 71 (2): 309-319. DOI: 10.1093/ oep/gpz020.
Herman, Barry (2016). «Toward a multilateral framework for recovery from sovereign insolvency». En Martín Guzmán, José Antonio Ocampo y Joseph Stiglitz (editores), Too little, too late: The quest to resolve sovereign debt crises. Nueva York: Columbia University Press. DOI: 10.7312/columbia/9780231179263.003.0012.
Hernández Vigueras, Juan (2015). Los fondos buitre, capitalismo depredador. Negocios y litigios financieros: de Argentina a Grecia. Madrid: Clave Intelectual.
Levey, Cara, Daniel Ozarow y Christopher Wylde (2014). «Revisiting the Argentine crisis a decade on: Changes and continuities». Introducción. En Cara Levey, Daniel Ozarow y Christopher Wylde (editores), Argentina since the 2001 crisis recovering the past, reclaiming the future (pp. 1-19). Nueva York: Palgrave Macmillan.
Marilou, Uy y Zhou Shicao (2016). «Sovereign debt of developing countries: Overview of trends and policy perspectives». En Martín Guzmán, José Antonio Ocampo y Joseph Stiglitz (editores), Too little, too late: The quest to resolve sovereign debt crises. Nueva York: Columbia University Press. DOI: 10.7312/columbia/9780231179263.003.0003.
Martinelli, Thibault (2016). «Euro CAC and the existing rules on sovereign debt restructuring in the Euro area: An appraisal four years after the Greek debt swap». ADEMU Working Paper Series. Disponible en https://bit.ly/3eE9ga5.
Nudelsman, Susana (2016). «¿Es posible mejorar la reestructuración de deudas soberanas?». Problemas del Desarrollo, 184 (47): 163-185. DOI: 10.1016/j.rpd.2016.01.008.
Riegner, Michael (2016). «Legal frameworks and general principles for indicators in sovereign debt restructuring». The Yale Journal of International Law Online, 41 (2): 141-175. Disponible en https://bit.ly/3kFEhym.
Ryan, Molly (2014). «Sovereign bankruptcy: Why now and why not in the IMF». Fordham Law Review, 82 (5): 2.473-2.520. Disponible en https://bit.ly/3eDCjLa.
Schneider, Benu (2018). «Sovereign debt restructuring further improvements in the market-based approach». Capital Markets Law Journal, 13 (3): 294-320. DOI: 10.1093/cmlj/kmy013.
Vásquez, Ian (2004). «The Brady Plan and market-based solutions to debt crises». Cato Journal, 16 (2): 233-243. Disponible en https://bit.ly/3hOJBO6.
Zandstra, Deborah (2018). «A possible work plan for further reform of sovereign debt restructuring». Capital Markets Law Journal, 13 (3): 356-391. DOI: 10.1093/cmlj/kmy021.
Zettelmeyer, Jeromin, Christoph Trebesch y Mitu Gulati (2013). «The Greek debt restructuring: An autopsy». Economic Policy, 28: 511-563. Disponible en https://bit.ly/3xXUBhU.
