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- W3125718334 abstract "First, I lay out the dominant arguments for sovereign bankruptcy and why I think they miss the mark. Second, I identify what are, in my view, the key problems with the prevailing regime for sovereign debt restructuring. These include the unenforceable- yet-nondischargeable character of sovereign debt, fragmentation of the debt stock and of the debt restructuring process, and the overall lack of transparency and legitimacy in debt restructuring. Until now, sovereign immunity has been just barely good enough to preempt demand for a more elaborate institutional restructuring mechanism. However, recent developments in Argentina and Greece highlight the shortcomings of sovereignty as a restructuring regime. With or without immunity, sovereigns get no fresh start. The lack of legitimacy in sovereign restructuring is especially troublesome when it brings about large-scale redistribution within and across societies, and even across generations. Having identified the problems, I proceed to sketch out core features of an institutional response. I conclude by adding a federalism overlay to my thought experiment. Fiscal federalism can exacerbate some of the problems with sovereign debt restructuring that I identified earlier. Formally embedding a debt restructuring mechanism in a federal bargain can help mitigate these problems. However, it would also require unprecedented political consensus. I suggest that Europe could achieve such a consensus as part of its broader renegotiation of the federal arrangement." @default.
- W3125718334 created "2021-02-01" @default.
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- W3125718334 date "2013-04-28" @default.
- W3125718334 modified "2023-09-23" @default.
- W3125718334 title "A Skeptic’s Case for Sovereign Bankruptcy" @default.
- W3125718334 hasPublicationYear "2013" @default.
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