Guzman / Ocampo / Stiglitz Too Little, Too Late

The Quest to Resolve Sovereign Debt Crises
1. Auflage 2016
ISBN: 978-0-231-54202-9
Verlag: De Gruyter
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 312 Seiten, EPUB

Reihe: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem.

Autoren/Hrsg.

Guzman, Martin

Ocampo, José Antonio

Stiglitz, Joseph E.

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Rechtswissenschaften Internationales Recht und Europarecht Internationales Recht
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Entwicklungsökonomie & Emerging Markets
• Wirtschaftswissenschaften Volkswirtschaftslehre Öffentliche Finanzwirtschaft, Besteuerung
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
• Rechtswissenschaften Allgemeines Verfahrens-, Zivilprozess- und Insolvenzrecht Insolvenzrecht, Konkurs, Unternehmenssanierung

Inhaltsverzeichnis

Acknowledgments
Introduction, by Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz
Part I: General Issues of Sovereign Debt Restructuring
1. Creating a Framework for Sovereign Debt Restructuring that Works, by Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz
2. Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives, by Marilou Uy and Shichao Zhou
3. Private Creditor Power and the Politics of Sovereign Debt Governance, by Skylar Brooks and Domenico Lombardi
Part II: Two Case Studies: Argentina and Greece
4. From the Pari Passu Discussion to the Illegality of Making Payments, by Sergio Chodos
5. Greek Debt Denial: A Modest Debt Restructuring Proposal and Why It Was Ignored, by Yanis Varoufakis
Part III: Improvements to the Contractual Approach
6. Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds, by Anna Gelpern, Ben Heller, and Brad Setser
7. Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There Is Still More to Do, by Richard Gitlin and Brett House
8. Sovereign Debt Restructuring: A Coasean Perspective, by James A. Haley
9. Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns, by Timothy B. DeSieno
Part IV: Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization
10. A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument, by José Antonio Ocampo
11. Toward a Multilateral Framework for Recovery from Sovereign Insolvency, by Barry Herman
12. Making a Legal Framework for Sovereign DebtRestructuring Operational, by Jürgen Kaiser
13. Perspectives on a Sovereign Debt Restructuring Framework: Less Is More, by Richard A. Conn Jr.
14. Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute?, by Robert Howse
15. Debts, Human Rights, and the Rule of Law: Advocating a Fair and Efficient Sovereign Insolvency Model, by Kunibert Raffer
Contributors
Index

Über Autor(innen)

Guzman, Martin
Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).

Ocampo, José Antonio
José Antonio Ocampo is codirector of Banco de la Republica (Colombia’s central bank), professor in the School of International and Public Affairs (on leave for public service), and copresident of the Initiative for Policy Dialogue at Columbia University. His books with Columbia University Press are Growth and Policy in Developing Countries: A Structuralist Approach (2009, coauthor), Development Cooperation in Times of Crisis (2012, coedited with José Antonio Alonso), and Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (2016, also coedited with Joseph E. Stiglitz), and The Welfare State Revisited (2018).

Guzman Martin:
Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).Martin Guzman is a postdoctoral research fellow at Columbia University and an associate professor at the University of Buenos Aires. He is a cochair of the Columbia IPD Taskforce on Debt Restructuring and Sovereign Bankruptcy and a senior fellow at the Centre for International Governance Innovation.

José Antonio Ocampo is a professor at Columbia University and chair of the United Nations Economic and Social Council's Committee for Development Policy. With Codrina Rada and Lance Taylor, he is the author of Growth and Policy in Developing Countries: A Structuralist Approach (Columbia, 2009), and with José Antonio Alonso, Development Cooperation in Times of Crisis (Columbia, 2012).

Joseph E. Stiglitz is University Professor at Columbia University. A recipient of the Nobel Memorial Prize in Economic Sciences (2001), he is also the Chief Economist of the Roosevelt Institute and the cochair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD. His books include Creating a Learning Society: A New Approach to Growth, Development, and Social Progress (2014) and Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (2015).