224
Views
1
CrossRef citations to date
0
Altmetric
Articles

The global debt governance system for developing countries: deficiencies and reform proposals

Pages 863-881 | Received 30 Jan 2017, Accepted 25 Jan 2018, Published online: 15 Feb 2018

Bibliography

  • Asonuma, Tamon , and Christoph Trebesch . “Sovereign Debt Restructurings: Preemptive or Post-Default.” Journal of the European Economic Association 14 (2016): 175–214.10.1111/jeea.12156 10.1016/j.jinteco.2013.11.006 10.1093/oxrep/grv032 10.1111/j.1467-6419.2009.00604.x 10.1093/acprof:oso/9780199578788.001.0001 10.1093/acprof:oso/9780199674374.001.0001 10.7312/columbia/9780231179263.001.0001 10.1016/j.jinteco.2012.04.003 10.1111/j.1467-6419.2009.00606.x 10.1093/cpe/bzn003 10.1093/acprof:oso/9780199674374.001.0001 10.1093/cmlj/kmx022
  • Bardozzetti, Alfredo , and Davide Dottori . “Collective Action Clauses: How Do They Affect Sovereign Bond Yields?” Journal of International Economics 92, no. 2 (2014): 286–303.
  • Berensmann, Kathrin . The IFIs’ Debt Governance System for Developing Countries , forthcoming.
  • Berensmann, Kathrin , Florence Dafe , and Ulrich Volz . “Developing Local Currency Bond Markets for Long-Term Development Financing in Sub-Saharan Africa.” Oxford Review of Economic Policy 31, no. 3-4 (2015): 350–378.
  • Berensmann, Kathrin . “A Code of Conduct for Sovereign Debt Restructuring: An Important Component of the International Financial Architecture?” In Sovereign Debt: From Safety to Default , edited by Robert W. Kolb , 197–204. Chicago, IL : Chicago Press, 2011.
  • Berensmann, Kathrin . How to Prevent and Resolve Debt Crises in LICs? Discussion Paper 1 . Bonn: German Development Institute, 2010.
  • Berensmann, Kathrin , and Angeliqué Herzberg . “Sovereign Insolvency Procedures – A Comparative Look at Selected Proposals.” Journal of Economic Surveys 23, no. 5 (2009): 856–881.
  • Berensmann, Kathrin . Debt Swaps: An Appropriate Instrument for Development Policy? The Example of German Debt Swaps . Discussion Paper 5. Bonn: German Development Institute, 2007.
  • Berensmann, Kathrin . Involving Private Creditors in the Prevention and Resolution of International Debt Crises . Discussion Paper 8. Bonn: German Development Institute, 2003.
  • Bolton, Patrick , and David A. Skeel . “Inside the Black Box: How Should a Sovereign Bankruptcy Framework Be Structured?” Emory Law Journal 53 (2004): 763–822.
  • Cheng, Gong , Javier Diaz-Cassou , and Aitor Erce . From Debt Collection to Relief Provision: 60 Years of Official Debt Restructurings through the Paris Club . Working Paper No.10, European Stability Mechanism, Luxembourg, 2016.
  • Cosío-Pascal, Enrique . “Intergovernmental Relations in Debt Restructuring.” In Overcoming Developing Country Debt Crises , edited by Barry Herman , José Antonio Ocampo and Shari Spiegel , 231–276. Oxford: Oxford University Press, 2010.
  • Couillault, Bertrand , and Pierre-Francois Weber . “Towards a Voluntary Code of Good Conduct for Sovereign Debt Restructuring.” Financial Stability Review 14 (2003): 154–162.
  • Das, Udaibir S. , Michael G. Papaioannou , and Christoph Trebesch . Sovereign Debt Restructurings 1950–2010: Literature Survey, Data, and Stylized Facts, Working Paper 12/203, Washington, DC: IMF, 2012.
  • G20 . Operational Guidelines for Sustainable Financing Reflecting Responsibilities of Borrowers and Lenders . http://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/G20-2016/g20-operational-guidelines-for-sustainable-financing.pdf?__blob=publicationFile&v=2.
  • Gelpern, Anna . “Hard, Soft and Embedded: Implementing the UNCTAD Principles on Promoting Responsible Sovereign Lending and Borrowing.” In Sovereign Financing and International Law, the UNCTAD Principles on Responsible Sovereign Lending and Borrowing , edited by Carlos Espósito , Yuefen Li and Juan Pablo Bohoslavsky , 347–382. Oxford: Oxford University Press, 2013.
  • Gelpern, Anna , Ben Heller , and Brad Setser . “Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds.” In Too Little, Too Late, the Quest to Resolve Sovereign Debt Crises , edited by Martin Guzman , José Aantonio Ocampo and Josef E Stiglitz , 109–143. New York, NY : Columbia University Press, 2016.
  • Ghosal, Sayantan , and Kannika Thampanishvong . “Does Strengthening Collective Action Clauses (CACs) Help?” Journal of International Economics 89, no. 1 (2013): 68–78.
  • Gitlin, Richard and Brett House . A Blueprint for a Sovereign Debt Forum . Ontario: The Centre for International Governance Innovation, No. 24, 2014.
  • Guzman, Martin , José Antonio Ocampo , and Josef E. Stiglitz . Too Little, Too Late, the Quest to Resolve Sovereign Debt Crises . New York: Columbia University Press, 2016.
  • Guzman, Martin , and Josef E. Stiglitz . “ Soft Law Mechanism for Sovereign Debt Restructuring. Based on the UN Principles .” International Policy Analysis. New York: Friedrich Ebert foundation, 16 October 2016.
  • de France, Banque . Towards a Code for Sovereign Debt Restructuring . Madrid: International Monetary Convention, May 2003. http://dspace.africaportal.org/jspui/bitstream/123456789/17565/1/Towards%20a%20Code%20for%20Foreign%20Debt%20Restructuring.pdf?1.
  • Häseler, Sönke . “Collective Action Clauses in International Sovereign Bonds – Whence the Opposition?” Journal of Economic Surveys 23, no. 5 (2009): 882–923.
  • Helleiner, Eric . “The Mystery of the Missing Sovereign Debt Restructuring Mechanism.” Contributions to Political Economy 27, no. 1 (2008): 91–113.
  • Herman, Barry , José Antonio Ocampo , and Shari Spiegel . Overcoming Developing Country Debt Crises . Oxford: Oxford University Press, 2010.
  • International Capital Market Association (ICMA) . Standard Aggregated Collective Action Clauses for the Terms and Conditions of Sovereign Notes . Basel: ICMA, 2014.
  • International Capital Market Association (ICMA) . Standard Pari Passu Provision . Basel: ICMA, 2014.
  • IDA (International Development Association) . IDA’s Non-Concessional Borrowing Policy: Review and Update . Washington DC: IDA, October 29, 2015.
  • IMF . List of LICs DSAs for PRGT-Eligible Countries . Washington, DC: IMF, September 1, 2017. https://www.imf.org/external/Pubs/ft/dsa/DSAlist.pdf.
  • IMF . Debt Relief under the Heavily Indebted Poor Countries (HIPC) Initiative . Factsheet. Washington, DC: IMF, November 3, 2017.
  • IMF . Second Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts . Staff Note for the G20 IFAWG. Washington, DC: IMF, 2017.
  • IMF . Recent Developments on Local Currency Bond Markets in Emerging Economies . Seoul: IMF, 2017.
  • IMF . Review of the Debt Sustainability Framework for Low-Income Countries: Proposed Reforms . IMF Policy Paper. Washington, DC: IMF, 2017.
  • IMF . Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries , Washington, DC: IMF, 2015.
  • IMF . Public Debt Limits in Fund-Supported Programs . Washington, DC: IMF, July 2015.
  • IMF . Public Debt Vulnerabilities in Low-Income CountriesThe Evolving Landscape . Washington, DC: IMF, 2015.
  • IMF . Staff Guidance Note on the Implementation of Public Debt Limits in Fund-Supported Programs . Washington, DC: IMF, 2015.
  • IMF . Heavily Indebted Poor Countries Initiative and the Multilateral Debt Relief InitiativeStatistical Update . Washington, DC: IMF, 2014. http://www.imf.org/external/np/pp/eng/2014/121214.pdf.
  • IMF . Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring . Washington, DC: IMF, 2014.
  • IMF . Sovereign Debt RestructuringResent Developments and Implications for the Fund’s Legal and Policy Frameworks . Washington, DC: IMF, 2013.
  • IMF . Staff Guidance Note on the Application of the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries . Washington, DC: IMF, 2013.
  • IMF . Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis . Washington, DC: IMF, 2011.
  • IMF (International Monetary Fund) and IDA (International Development Association) . The Challenge of Maintaining Long-Term External Debt Sustainability . Washington, DC: IMF and IDA, 2001.
  • IMF and World Bank . The Joint World Bank-IMF Debt Sustainability Framework for Low-Income Countries . Washington, DC: IMF and World Bank, 2017.
  • IMF and World Bank . Helping Developing Countries Address Public Debt Management Challenges – An IMF–World Bank Capacity Building Partnership . Washington, DC: IMF and World Bank, 2013.
  • IMF and World Bank . Preserving Debt Sustainability in Low-Income Countries, in the Wake of the Global Crisis . Washington, DC: IMF and World Bank, 2010.
  • Institute of International Finance (IIF) . Principles for Stable Capital Flows and Fair Debt Restructuring . Report on Implementation by the Principles Consultative Group. Washington, DC: IIF, 2016.
  • Kaiser, Jürgen . Resolving Sovereign Debt Crises. Towards a Fair and Transparent International Insolvency Framework . Berlin: Friedrich Ebert Stiftung, 2010.
  • Li, Yuefen . “The Long March towards an International Legal Framework for Sovereign Debt Restructuring.” Journal of Globalization and Development, Special Issue on Sovereign Debt 6, no. 2 (2015): 329–341.
  • Li, Yuefen , and Ugo Panizza . “The Economic Rationale for the Principles on Promoting Responsible Sovereign Lending and Borrowing.” In Sovereign Financing and International Law. the UNCTAD Principles, edited by Espósito, Carlos , Yuefen Li and Juan P. Bohoslavsky , 15–37. Oxford: Oxford University Press, 2013.
  • Makoff, Gregory and Robert Kahn . “Sovereign Bond Contract Reform. Implementing the New ICMA Pari Passu and Collective Action Clauses, Warterloo: Centre for International Governance Innovation Papers No. 56, February 2015.
  • OECD . Principles and Guidelines to Promote Sustainable Lending Practices in the Provision of Official Export Credits to Low-Income Countries . Paris: OECD, 2008.
  • Rieffel, Lex . Restructuring Sovereign Debt. the Case for Ad Hoc Machinery . Washington, DC: Brookings Institution Press, 2003.
  • Ritter, Raimond . Transnational Governance in Global Finance. the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets . Occasional Paper Series No. 103, Frankfurt am Main: European Central Bank, April 2009.
  • Rogoff, Kenneth , and Jeromin Zettelmeyer . “Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976–2001.” IMF Staff Papers 49, no. 3 (2002): 470–507.
  • Roubini, Nouriel . “Do We Need a New Bankruptcy Regime?” Brookings Papers on Economic Activity 2002/1: 321–323. Washington, DC: Brookings Institution, 2002.
  • Roubini, Nouriel and Brad Setser . “Improving the Sovereign Debt Restructuring Process: Problems in Restructuring, Proposed Solutions, and a Roadmap for Reform.” Paper Prepared for the Conference on “Improving the Sovereign Debt Restructuring Process”, March 9, Paris. https://173.242.152.27/publications/papers/roubini-setser0303.pdf.
  • Schwarcz, Steven L. “Sovereign Debt Restructuring: A Model-Law Approach.” Journal of Globalization and Development 6, no. 2 (2015): 343–385.
  • Stiglitz, Josef . Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses . Working Paper Series, Initiative for Policy Dialogue, March 2016.
  • Stolper, Antonia E. , and Sean Dougherty . “Collective Action Clauses: How the Argentina Litigation Changed the Sovereign Debt Markets.” Capital Markets Law Journal 12, no. 2 (2017): 239–252.
  • Trichet, Jean-Claude . Shaping a New World: The Crisis and Global Economic Governance . Speech by Jean-Claude Trichet, President of the European Central Bank Lecture at Bocconi University, April 9, 2010. http://www.ecb.int/press/key/date/2010/html/sp100409_2.en.html.
  • UN . Ad Hoc Committee on Sovereign Debt Restructuring Processes. Third Working Session, Committee Report, Second Part: Chairperson Summary. New York, July 24, 2015 http://unctad.org/meetings/en/SessionalDocuments/gds_sd_2015-07-27-28_report_en.pdf.
  • UN (United Nations) General Assembly . 102nd Plenary Meeting, Thursday, 10 September 2015, Sixty-Ninth Session, a/69/PV.102, New York. http://www.un.org/en/ga/search/view_doc.asp?symbol=A/69/PV.102.
  • UN (United Nations) General Assembly . Basic Principles on Sovereign Debt Restructuring Processes . UN General Assembly General, Draft resolution A/69/L.84, July 29, 2015. http://unctad.org/meetings/en/SessionalDocuments/a69L84_en.pdf.
  • UNCTAD. DMFAS Programme . Strategic Plan 20162019. Strengthening the Foundations for Effective Debt Management . Geneva: UNCTAD, 2016.
  • UNCTAD . Sovereign Debt Workouts. Going Forward. Roadmap and Guide . Geneva: UNCTAD, April 2015. http://unctad.org/en/PublicationsLibrary/gdsddf2015misc1_en.pdf
  • UNCTAD (United Nations Conference of Trade and Development) . Principles on Responsible Sovereign Borrowing and Lending . Geneva: UNCTAD, 2012. http://unctadxiii.org/en/SessionDocument/gdsddf2012misc1_en.pdf

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.