Standstills and an international bankruptcy court

Jonathan Eaton

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Scopus citations


Recent proposals have called for a sovereign debt restructuring mechanism (SDRM) to adjudicate disputes between sovereign debtors and their creditors. The goal is to develop an explicit framework for dealing with troubled loans to sovereign debtors, which up to this point the financial community has dealt with on a largely ad hoc basis. The goal is to mitigate the inefficiencies associated with default, in much the same way as domestic bankruptcy procedures are intended to mitigate the consequences of default by private entities within a given jurisdiction.2 As things stand, to the extent that creditors have any legal recourse when faced with sovereign default, they have had to work within the judicial systems of their own localities. An international bankruptcy mechanism could, in principle, mitigate four deficiencies of the status quo.

Original languageEnglish (US)
Title of host publicationFixing Financial Crises in the Twenty-first Century
PublisherTaylor and Francis
Number of pages16
ISBN (Electronic)9781134337163
ISBN (Print)0203390636, 9780415327602
StatePublished - Jan 1 2004

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)
  • General Business, Management and Accounting


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