Sovereign Debt: A Guide for Economists and Practitioners
S. Ali Abbas (ed.) et al.
Published:
2019
Online ISBN:
9780191885693
Print ISBN:
9780198850823
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Sovereign Debt: A Guide for Economists and Practitioners
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Lee Buchheit,
Guillaume Chabert,
Chanda DeLong,
Jeromin Zettelmeyer
Pages
328–364
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Published:
October 2019
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Buchheit, Lee, and others, 'The Restructuring Process', in S. Ali Abbas, Alex Pienkowski, and Kenneth Rogoff (eds), Sovereign Debt: A Guide for Economists and Practitioners (
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Abstract
This chapter goes into depth on the debt restructuring process itself, a topic which has not been covered in the literature in detail before. It gives a step-by-step outline of how restructurings take place, from deciding on the appropriate strategy, to determining which debt should be covered and in what way; to engagement with creditors in the negotiating process. It also covers one of the main structural problems in reaching an agreement with creditors—the collective action problem—and explores ways by which such problems can be overcome with both private creditors (collective action clauses, exit consents) and the official sector (the role of the Paris Club).
Keywords: Debt default, restructuring, Paris Club, collective action problems, coordination problems
Subject
Financial Markets Macroeconomics and Monetary Economics
Collection: Oxford Scholarship Online
Lee Buchheit, Guillaume Chabert, Chanda DeLong, and Jeromin Zettelmeyer., The Restructuring Process In: Sovereign Debt. Edited by S. Ali Abbas, Alex Pienkowski, and Kenneth Rogoff, Oxford University Press (2020).© International Monetary Fund.DOI: 10.1093/oso/9780198850823.003.0009
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