Roughly once a year, the managing director of the International Monetary Fund, the US
treasury secretary and in some cases the finance ministers of other G-7 countries will get a …

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to
sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne …

This paper provides new empirical evidence relevant to the debate over the desirability of
reforms to the way that financial markets and the international community deal with …

For centuries, defaulting governments were immune from legal action by foreign creditors.
This paper shows that this is no longer the case. Building a dataset covering four decades …

Shortly after the Mexican crisis of 1994-95, the major industrial countries undertook to
strengthen the international financial architecture. They sought to reduce the risk of future …

This paper presents a theory of the maturity of international sovereign debt, and derives its
implications for the reform of the international financial architecture. The analysis is based …

During the 1990s, the concept of" catalytic official finance"(COF) gained prominence in
policy debates. The concept revolves around the idea that the propensity of investors to lend …

Recent events in East Asia have highlighted the risks of financial structures in a financially
integrated world. The build-up of vulnerabilities in the region was mainly the result of …

It is often pointed out that" for every bad borrower, and for every failed project, there is also a
culpable lender or investor." This observation is particularly apt for the debate now raging in …

This paper looks at the effects of International Monetary Fund (IMF) lending programs on
banking crises in a large sample of developing countries, over the period 1970–2010. The …