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Too Little, Too Late

The Quest to Resolve Sovereign Debt Crises
  • Edited by: Martin Guzman , José Antonio Ocampo and Joseph E. Stiglitz
Language: English
Published/Copyright: 2016
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About this book

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem.
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and do too little. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem.

Author / Editor information

Guzman Martin :

Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).Martin Guzman is a postdoctoral research fellow at Columbia University and an associate professor at the University of Buenos Aires. He is a cochair of the Columbia IPD Taskforce on Debt Restructuring and Sovereign Bankruptcy and a senior fellow at the Centre for International Governance Innovation.

José Antonio Ocampo is a professor at Columbia University and chair of the United Nations Economic and Social Council's Committee for Development Policy. With Codrina Rada and Lance Taylor, he is the author of Growth and Policy in Developing Countries: A Structuralist Approach (Columbia, 2009), and with José Antonio Alonso, Development Cooperation in Times of Crisis (Columbia, 2012).

Joseph E. Stiglitz is University Professor at Columbia University. A recipient of the Nobel Memorial Prize in Economic Sciences (2001), he is also the Chief Economist of the Roosevelt Institute and the cochair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD. His books include Creating a Learning Society: A New Approach to Growth, Development, and Social Progress (2014) and Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (2015).

Reviews

Well timed.... An excellent resource on a topic likely to become important in the near future.

Jeremiah Pam, Columbia University:
Addressing the longstanding question of whether it is possible to improve the methods and legal/institutional framework for sovereign debt restructuring, this book answers in the affirmative and provides a number of concrete proposals for how this might be accomplished. With strong analytical chapters from preeminent scholars and practitioners, this book will appeal to academic and policy audiences alike.

Adair Turner, author of Between Debt and the Devil: Money, Credit, and Fixing Global Finance:
In a world awash with debt, effective procedures for restructuring excessive debt burdens are essential but sorely lacking when it comes to sovereign borrowers. Better arrangements which can benefit both debtors and creditors need to reflect economic, legal, and political considerations. Too Little, Too Late pulls together powerful insights from each of these disciplines, and makes a major contribution to a crucially important policy debate.

Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley:
The international debt regime desperately needs fixing. The debate over how to fix it, for its part, desperately needs systematic analysis, which is precisely what we get from this important volume. Critics of the current regime may not agree with everything proposed here, but they cannot afford to ignore it.


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Part I. General Issues of Sovereign Debt Restructuring

Martin Guzman and Joseph E. Stiglitz
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Marilou Uy and Shichao Zhou
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Skylar Brooks and Domenico Lombardi
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Part II. Two Case Studies: Argentina and Greece

Sergio Chodos
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Yanis Varoufakis
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Part III. Improvements to the Contractual Approach

Anna Gelpern and Ben Heller
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Richard Gitlin and Brett House
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James A. Haley
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Timothy B. DeSieno
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Part IV. Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization

José Antonio Ocampo
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Barry Herman
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Jürgen Kaiser
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Richard A. Conn
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Robert Howse
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Publishing information
Pages and Images/Illustrations in book
eBook published on:
May 10, 2016
eBook ISBN:
9780231542029
Pages and Images/Illustrations in book
Main content:
312
Other:
13 b&w illustrations
Downloaded on 23.9.2025 from https://www.degruyterbrill.com/document/doi/10.7312/guzm17926/html
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