Will the Sovereign Debt Market Survive?

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Will the Sovereign Debt Market Survive?

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Title: Will the Sovereign Debt Market Survive?
Author: Shleifer, Andrei
Citation: Shleifer, Andrei. 2003. Will the Sovereign Debt Market Survive? American Economic Review 93, no. 2: 85–90. doi:10.1257/000282803321946859.
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Abstract: Economic theory and evidence from a variety of debt markets shed light on current reform proposals concerning emerging market debt. Debt markets, including the U.S. municipal bond market, generally function best when the rights of creditors are protected most effectively. Since current IMF reform proposals significantly emasculate creditor rights, they are likely to have an adverse effect on the flow of new funds to sovereign borrowers.
Published Version: doi:10.1257/000282803321946859
Other Sources: http://www.nber.org/papers/w9493
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:33078969
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