Introduction to 'Sovereign Debt : From Safety to Default'

All of the chapters in this volume represent the cutting edge of thinking about sovereign debt. The contributions stem from the authors' deep expertise in the subject matter. Almost all of the contributions are based on formal academic research conducted in the last two years. Accordingly, this book spreads before the reader the best thinking on sovereign debt by specialists drawn from top universities and key international financial institutions, including central banks, the International Monetary Fund, and the World Bank. All of the contributions in this volume have been especially written for the intended reader - a nonfinance specialist interested in understanding the vital importance of sovereign debt for the world's economic future. The book is divided into seven sections, and each is preceded by a brief essay describing the chapters in that section:I. The Political Economy of Sovereign DebtII. Making Sovereign Debt WorkIII. Sovereign Defaults, Restructurings, and the Resumption of BorrowingIV. Legal and Contractual Dimensions of Restructurings and DefaultsV. Historical PerspectivesVI. Sovereign Debt in Emerging MarketsVII. Sovereign Debt and Financial Crises