TY  - JOUR
AU  - Shleifer,Andrei
TI  - Will the Sovereign Debt Market Survive?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9493
PY  - 2003
Y2  - February 2003
UR  - http://www.nber.org/papers/w9493
L1  - http://www.nber.org/papers/w9493.pdf
N1  - Author contact info:
Andrei Shleifer
Department of Economics
Harvard University
Littauer Center M-9
Cambridge, MA 02138
Tel: 617/495-5046
Fax: 617/496-1708
E-Mail: ashleifer@harvard.edu
AB  - 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.
ER  -