Martin Guzman
Joseph Stiglitz
New York State law has enormous implications for sovereign debt sustainability and debt crises resolutions,
- 01/16/2025
- Policy Brief
The Political Economy of the Sovereign Debt Restructuring Mechanism
- 09/11/2008
- Working Paper
- Debt and Global Finance
The great surprise of the debate over the sovereign debt restructuring mechanism (SDRM) was not that the proposal of the International Monetary Fund (IMF) for international legal protection for bankrupt sovereigns failed, it was that the IMF was able to find the political space needed to put forward a proposal that generated a serious public debate on the need for sovereign bankruptcy. This paper delves into the reasons for the SDRM's failure.
Brad Setser
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