Crisis? What crisis? Orderly workouts for sovereign debtors

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Centre for Economic Policy Research, 1995 - Business & Economics - 134 pages
The Mexican Crisis of 1994/5 came as a rude surprise to the international policy-making community. It revealed serious confusion over how markets, governments, and multilateral institutions like the International Monetary Fund should deal with financial crises in heavily-indebted developing economies. It laid bare a remarkable lack of planning for financial crises in today's world of globalized bond and equity markets. This report analyses various approaches to coping better with Mexico-style crises.

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Bankruptcy in theory and practice
The evolution of procedures for renegotiating sovereign debts
Options for reform

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About the author (1995)

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. His books include "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939" and "Globalizing Capital: A History of the International Monetary System" (Princeton).

The Managing Editors of "Economic Policy":

Richard Edward Baldwin is Professor of International Economics at the Graduate Institute of International Studies, Geneva.

Giuseppe Bertola is Professore Ordinario di Economica Politica, Facolta di Scienze Politiche, Universita di Torino.

Paul Seabright is Professor of Economics at Universite des Sciences Sociales de Toulouse, a Director of Research at the Institut d'Economie Industrielle and a Research Fellow at CEPR.

The Senior Editors of "Economic Policy":

Georges de Menil works at the Delta Ens, France.

Richard Portes lectures in the Department of Economics, London Business School.

Hans-Werner Sinn is based at the Centre for Economic Studies, University of Munich.

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