How the IMF did it--sovereign debt restructuring between 1970 and 1989 - Sciences Po Access content directly
Journal Articles Capital Markets Law Journal Year : 2016

How the IMF did it--sovereign debt restructuring between 1970 and 1989

Abstract

Between 1982 and 1989, the International Monetary Fund (IMF) acted as a third-party in a total of 109 debt restructurings between 41 debtor states and their creditor banks. At the core of these restructurings was the old Stand-By Arrangement (SBA), ie the standard IMF instrument for conditional lending to member-countries. The SBA was thus transformed into a three-way, voluntary arrangement that de facto rested on a rule of mutual veto. This self-sustained, though largely ad hoc procedure depended on the systematic ignoring of all hard-law or contract-based rules that could have shaped the debt restructurings. This article analyses: (i) how this regime emerged through trial and error during the 1970s; and (ii) how it was implemented, accounted for and justified after the 1982 Mexican crisis.
Fichier principal
Vignette du fichier
sgard-how-the-imf-did-it-cmlj-11-1.pdf (162.49 Ko) Télécharger le fichier
Origin Publisher files allowed on an open archive

Dates and versions

hal-03627457 , version 1 (01-04-2022)

Licence

Identifiers

Cite

Jérôme Sgard. How the IMF did it--sovereign debt restructuring between 1970 and 1989. Capital Markets Law Journal, 2016, 11 (1), pp.103 - 125. ⟨10.1093/cmlj/kmv042⟩. ⟨hal-03627457⟩
58 View
170 Download

Altmetric

Share

Gmail Mastodon Facebook X LinkedIn More