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The absence of a formal international regulatory mechanism to facilitate sovereign debt restructuring has long been recognized as a most serious gap in the architecture of global finance. Why has it proven so difficult to create such a sovereign debt restructuring mechanism (SDRM) at the...
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The 2008 financial crisis was the worst since the Great Depression and many voices argued that it would transform global financial governance. Analysts anticipated a "Bretton Woods moment", referring to the 1944 conference that established the postwar international financial order. Widespread...
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