Bankruptcy Procedures for Sovereign Debtors

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.

Level thesis:degree_level

master

Grantor dc:publisher

Universität Heidelberg

Author dc:creator

• Makipaa, Arttu

Repository record source_url

http://www.ub.uni-heidelberg.de/archiv/3432

OAI identifier oai:identifier

oai:archiv.ub.uni-heidelberg.de:3432