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  5. Restructuring Sovereign Debt

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Restructuring Sovereign Debt

  • Barry Eichengreen
Journal of Economic Perspectives
vol. 17, no. 4, Fall 2003
(pp. 75–98)
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Abstract

This paper provides new empirical evidence relevant to the debate over the desirability of reforms to the way that financial markets and the international community deal with sovereign debt crises. In particular, given the ongoing opposition of investors and some sovereigns to greater use of collective action clauses (CACs) in emerging market bonds, we present new evidence on the way that financial markets have priced the use or non-use of CACs.

Citation

Eichengreen, Barry. 2003. "Restructuring Sovereign Debt." Journal of Economic Perspectives, 17 (4): 75–98. DOI: 10.1257/089533003772034907

JEL Classification

  • F34 International Lending and Debt Problems
  • O19 International Linkages to Development; Role of International Organizations
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