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Overcoming Developing Country Debt Crises - Oxford Scholarship Online
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Overcoming Developing Country Debt Crises

Barry Herman, José Antonio Ocampo, and Shari Spiegel


Developing country debt crises have been a recurrent phenomenon over the past two centuries. Despite the fact that several developing countries now have stronger economic fundamentals than they did in the 1990s, sovereign debt crises will recur. Indeed, today we are in the midst of an almost unprecedented global ‘bust’. The conventional wisdom today is that the international economic and financial system is broken. The call in this book for international reform of sovereign debt workouts derives from both economic theory and real‐world experiences of different processes used for debt workouts. ... More

Keywords: sovereign debt, sovereign debt crises, international reform, sovereign debt workouts, politics, international treatment

Bibliographic Information

Print publication date: 2010 Print ISBN-13: 9780199578788
Published to Oxford Scholarship Online: May 2010 DOI:10.1093/acprof:oso/9780199578788.001.0001


Affiliations are at time of print publication.

Barry Herman, editor
Visiting Senior Fellow, Graduate Program in International Affairs, The New School
Author Webpage

José Antonio Ocampo, editor
Professor and Co-President Initiative for Policy Dialogue at Columbia University
Author Webpage

Shari Spiegel, editor
Principal at New Holland Capital, PLC, an advisor to ABP.

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1 Introduction

Barry Herman, José Antonio Ocampo, and Shari Spiegel

Part I The Analytical Framework for Debt Policy

2 Sovereign Debt

Joseph E. Stiglitz

Part II Crisis Experiences When Most Credits Were Private

7 The Russian Federation

Sergei Gorbunov

8 The Argentinean Debt

Mario Damill, Roberto Frenkel, and Martín Rapetti

Part III Crisis Experiences When Most Credits Were Official

9 Paris Club

Enrique Cosío‐Pascal

10 Ethiopian Debt Policy

Matthew Martin

Part IV Political Economy and Institutional Reform

13 How CACs Became Boilerplate

Anna Gelpern and Mitu Gulati

16 How to Rethink Sovereign Bankruptcy

Patrick Bolton and David A. Skeel, Jr.

Part V Conclusion

17 Conclusion

Barry Herman, José Antonio Ocampo, and Shari Spiegel

End Matter