The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. The problem of restructuring bond debt arose in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. This book explains why ad hoc machinery would function more effectively in the Bretton Woods system. By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed introduction to this important policy issue.
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About the Author
Lex Rieffel brings to this subject forty years of experience with economic development and international finance. In the early 1970s he worked for the U.S. Agency for International Development (U.S. AID), including two years in Jakarta, Indonesia. During eighteen years with the U.S. Treasury Department he participated in numerous Paris Club negotiations, served on the staff of the U.S. executive director in the International Monetary fund, and directed the office responsible for issues related to the countries of Eastern Europe and the former Soviet Union at the beginning of their transitions. At the Institute of International Finance from 1994 to 2001, he was the senior adviser for multilateral policy issues, focusing primarily on private sector involvement in crisis prevention and resolution. Currrently he is teaching, consulting, and writing.
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3 of 3 people found the following review helpful:
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A Good Read!,
This review is from: Restructuring Sovereign Debt: The Case for Ad Hoc Machinery (Hardcover)
Author Lex Rieffel writes with authority on the history of developing countries' debt crises. He describes this difficult and complex subject concisely and meticulously. To be sure, he wrote this text as an argument for a specific policy objective (keeping flexibility in the sovereign debt workout process), and does not shy away from hammering his point home multiple times. However, his agenda in no way diminishes the accuracy of his history or his factual descriptions of the entities that shaped it. The first four chapters are an excellent primer on the subject, and could stand alone. The later chapters provide a wealth of detail, perfect for those who need it, albeit a bit tedious for anyone not directly involved in sovereign lending. We recommend this book to bankers involved in making loans to foreign countries, to government policymakers in borrower countries and lender countries, and to anyone seeking a detailed exploration of how countries pay their debts.
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Inside This Book
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The machinery for sovereign debt workouts is part of a complex financial system within a more complex global political system. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
sovereign debt workouts, workout machinery, sovereign workouts, workout burden, restructuring bond debt, domestic bankruptcy regime, major borrowing countries, generalized debt relief, bilateral implementing agreements, specified debtor, international bankruptcy regime, debtor country government, hoc machinery, international debt commission, private financial community, rescheduling deals, debt debate, emerging markets finance, restructuring sovereign debt, sovereign debt restructuring mechanism, collective action clauses, preferred creditor status, rescheduling terms, bilateral donor agencies, bond restructuring Key Phrases - Capitalized Phrases (CAPs): (learn more)
Paris Club, World Bank, United States, Brady Plan, London Club, New York, Bretton Woods, Bank Advisory Committee, United Kingdom, World War, Latin American, United Nations, Bank of America, International Development, General Assembly, South Korea, Soviet Union, Treasury Department, Baker Plan, Articles of Agreement, National Advisory Council, Costa Rica, Department of State, International Monetary Fund, Anne Krueger New!
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
The machinery for sovereign debt workouts is part of a complex financial system within a more complex global political system. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
sovereign debt workouts, workout machinery, sovereign workouts, workout burden, restructuring bond debt, domestic bankruptcy regime, major borrowing countries, generalized debt relief, bilateral implementing agreements, specified debtor, international bankruptcy regime, debtor country government, hoc machinery, international debt commission, private financial community, rescheduling deals, debt debate, emerging markets finance, restructuring sovereign debt, sovereign debt restructuring mechanism, collective action clauses, preferred creditor status, rescheduling terms, bilateral donor agencies, bond restructuring Key Phrases - Capitalized Phrases (CAPs): (learn more)
Paris Club, World Bank, United States, Brady Plan, London Club, New York, Bretton Woods, Bank Advisory Committee, United Kingdom, World War, Latin American, United Nations, Bank of America, International Development, General Assembly, South Korea, Soviet Union, Treasury Department, Baker Plan, Articles of Agreement, National Advisory Council, Costa Rica, Department of State, International Monetary Fund, Anne Krueger New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Citations (learn more)
This book cites 28
books:
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- Global Development Finance 2002: Financing the Poorest Countries (v. 1 & 2) by World Bank on 5 pages
- A new approach to sovereign debt restructuring by Anne O Krueger on page 254, and Back Matter
- International Finance by James Calvin Baker on page 162
- Multilateral Official Debt Rescheduling: Recent Experience (World Economic and Financial Surveys, November 1990) by Michael G. Kuhn in Back Matter
- World Economic Outlook: April 2002 : Recessions and Recoveries by International Monetary Fund in Back Matter
See all 28 books this book cites
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