Too Little, Too Late
The Quest to Resolve Sovereign Debt Crises
by Edited by Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz
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Pub Date May 10 2016 | Archive Date Sep 18 2016
Description
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 (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as evidenced in Argentina).
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. With contributions by leading academics and practitioners, the volume reflects the overwhelming consensus among specialists on the need to find workable solutions.
Advance Praise
"The international debt regime desperately needs fixing. The debate over how to fix it, for its part, desperately needs systematic analysis, which is precisely what we get from this important volume. Critics of the current regime may not agree with everything proposed here, but they cannot afford to ignore it."
—Barry Eichengreen, University of California, Berkeley
"In a world awash with debt, effective procedures for restructuring excessive debt burdens are essential but sorely lacking when it comes to sovereign borrowers. Better arrangements which can benefit both debtors and creditors need to reflect economic, legal and political considerations. Too Little, Too Late pulls together powerful insights from each of these disciplines, and makes a major contribution to a crucially important policy debate."
—Adair Turner, author of Between Debt and the Devil
"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
Available Editions
| EDITION | Hardcover |
| ISBN | 9780231179263 |
| PRICE | $70.00 (USD) |
