Too Little, Too Late

Too Little, Too Late

The Quest to Resolve Sovereign Debt Crises

In: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization

Edited by: Martin Guzman, José Antonio Ocampo and Joseph E. Stiglitz

Columbia University Press | 2016

https://doi.org/10.7312/guzm17926

Overview
Contents

About this book

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. 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.

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. 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.

Author information

Guzman Martin :

Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).Martin Guzman is a postdoctoral research fellow at Columbia University and an associate professor at the University of Buenos Aires. He is a cochair of the Columbia IPD Taskforce on Debt Restructuring and Sovereign Bankruptcy and a senior fellow at the Centre for International Governance Innovation.

José Antonio Ocampo is a professor at Columbia University and chair of the United Nations Economic and Social Council's Committee for Development Policy. With Codrina Rada and Lance Taylor, he is the author of Growth and Policy in Developing Countries: A Structuralist Approach (Columbia, 2009), and with José Antonio Alonso, Development Cooperation in Times of Crisis (Columbia, 2012).

Joseph E. Stiglitz is University Professor at Columbia University. A recipient of the Nobel Memorial Prize in Economic Sciences (2001), he is also the Chief Economist of the Roosevelt Institute and the cochair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD. His books include Creating a Learning Society: A New Approach to Growth, Development, and Social Progress (2014) and Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (2015).

Reviews

Well timed.... An excellent resource on a topic likely to become important in the near future.

Jeremiah Pam, Columbia University:
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.

Adair Turner, author of Between Debt and the Devil: Money, Credit, and Fixing Global Finance:
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.

Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley:
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.

Frontmatter Free access PDF PDF	i
Contents Free access PDF PDF	vii
Acknowledgments Access restricted Content is available PDF PDF	ix
Introduction Access restricted Content is available PDF PDF	xiii
Part I. General Issues of Sovereign Debt Restructuring
1. Creating a Framework for Sovereign Debt Restructuring That Works Martin Guzman and Joseph E. Stiglitz Access restricted Content is available PDF PDF	3
2. Sovereign Debt of Developing Countries: Overview of Trends and Policy Perspectives Marilou Uy and Shichao Zhou Access restricted Content is available PDF PDF	33
3. Private Creditor Power and the Politics of Sovereign Debt Governance Skylar Brooks and Domenico Lombardi Access restricted Content is available PDF PDF	56
Part II. Two Case Studies: Argentina and Greece
4. From the Pari Passu Discussion to the “Illegality” of Making Payments: The Case of Argentina Sergio Chodos Access restricted Content is available PDF PDF	77
5. Greek Debt Denial: A Modest Debt Restructuring Proposal and Why It Was Ignored Yanis Varoufakis Access restricted Content is available PDF PDF	84
Part III. Improvements to the Contractual Approach
6. Count the Limbs: Designing Robust Aggregation Clauses in Sovereign Bonds Anna Gelpern and Ben Heller Access restricted Content is available PDF PDF	109
7. Contractual and Voluntary Approaches to Sovereign Debt Restructuring: There Is Still More to Do Richard Gitlin and Brett House Access restricted Content is available PDF PDF	144
8. Sovereign Debt Restructuring: A Coasean Perspective James A. Haley Access restricted Content is available PDF PDF	163
9. Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns Timothy B. DeSieno Access restricted Content is available PDF PDF	175
Part IV. Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization
10. A Brief History of Sovereign Debt Resolution and a Proposal for a Multilateral Instrument José Antonio Ocampo Access restricted Content is available PDF PDF	189
11. Toward a Multilateral Framework for Recovery from Sovereign Insolvency Barry Herman Access restricted Content is available PDF PDF	206
12. Making a Legal Framework for Sovereign Debt Restructuring Operational: The Case for a Sovereign Debt Workout Institution Jürgen Kaiser Access restricted Content is available PDF PDF	223
13. Perspectives on a Sovereign Debt Restructuring Framework: Less Is More Richard A. Conn Access restricted Content is available PDF PDF	231
14. Toward a Framework for Sovereign Debt Restructuring: What Can Public International Law Contribute? Robert Howse Access restricted Content is available PDF PDF	241
15. Debts, Human Rights, and the Rule of Law: Advocating a Fair and Efficient Sovereign Insolvency Model Kunibert Raffer Access restricted Content is available PDF PDF	253
Contributors Access restricted Content is available PDF PDF	269
Index Access restricted Content is available PDF PDF	273

Too Little, Too Late

The Quest to Resolve Sovereign Debt Crises

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