Too Little, Too Late - The Quest to Resolve Sovereign Debt Crises

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Though they impose enormous costs on societies, these restructurings are often not deep enough to provide the conditions for economic recovery. A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. 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.

About the author

Martin Guzman is a postdoctoral research fellow at Columbia University and an associate professor at the University of Buenos Aires. José Antonio Ocampo is a professor at Columbia University and chair of the United Nations Economic and Social Council's Committee for Development Policy. Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal.

Summary

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.

Report

"Addressing the longstanding question of whether it is possible to improve the methods and legal/institutional framework for sovereign debt restructuring, this book answers in the affirmative and provides a number of concrete proposals for how this might be accomplished. With strong analytical chapters from preeminent scholars and practitioners, this book will appeal to academic and policy audiences alike." - Jeremiah Pam, Columbia University

Product details

• Authors: Martin Ocampo Guzman, Martin Stiglitz Guzman
• Assisted by: Martin Guzman (Editor), Jos? Antonio Ocampo (Editor), José A. Ocampo (Editor), Jose Antonio Ocampo (Editor), José Antonio Ocampo (Editor), Ocampo Jose Antonio (Editor), Joseph Stiglitz (Editor), Stiglitz Joseph E. (Editor)
• Publisher: Columbia University Press
• Languages: English
• Product format: Hardback
• Released: 31.05.2016
• EAN: 9780231179263
• ISBN: 978-0-231-17926-3
• No. of pages: 312
• Series: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization; Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization; Initiative for Policy Dialogue at Columbia: Challenges in Development and G
• Subjects: Social sciences, law, business > Business > Economics; BUSINESS & ECONOMICS / Economics / Macroeconomics, macroeconomics