Academic Commons

Chapters (Layout Features)

Introduction

Guzman, Martin; Ocampo, Jose A.; Stiglitz, Joseph E.

This is an introduction to "Too Little, Too Late: The Quest to Resolve Sovereign Debt Crisis". Sovereign debt crises are becoming, once again, frequent. In some cases, the costs to the citizens of those countries facing such crises have been enormous. Deficiencies in the mechanisms for resolving such crises cast a pallor over countries that are not yet in a crisis but worry that they might become so; and indeed, the high costs and uncertainties associated with debt restructuring dampen cross-border capital flows and force especially developing countries and emerging markets to pay higher interest rates than might be the case if there were better ways of resolving these debt problems.There have been several important academic studies addressing various aspects of frameworks for sovereign debt restructuring and the advantages and disadvantages of these mechanisms relative to the private contractual approach. In light of the recent events and progress in our understanding of the issues, these studies need to be updated. This book fills in this gap by providing a collection of essays from top academic economists, lawyers, and practitioners in the field, providing guidance on the most critical questions. (Many of these ideas were presented as part of an ongoing series of conferences held at Columbia University on frameworks for sovereign debt restructuring.)

Files

Also Published In

Title
Too Little, Too Late: The Quest to Resolve Sovereign Debt Crisis
Publisher
Columbia University Press
DOI
https://doi.org/10.7312/columbia/9780231179263.003.0001

More About This Work

Academic Units
Economics
Business
Published Here
April 15, 2019
Academic Commons provides global access to research and scholarship produced at Columbia University, Barnard College, Teachers College, Union Theological Seminary and Jewish Theological Seminary. Academic Commons is managed by the Columbia University Libraries.