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Description - Restructuring Sovereign Debt by Lex Rieffel

The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. The problem of restructuring bond debt arose in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. This book explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed introduction to this important policy issue.

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Book Details

ISBN: 9780815774464
ISBN-10: 081577446X
Format: Hardback
(229mm x 152mm x mm)
Pages: 368
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 1-Sep-2003
Country of Publication: United States

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Author Biography - Lex Rieffel

Lex Rieffel is a nonresident senior fellow in the Brookings Institution's Global Economy and Development Program.

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