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Full-Text Articles in Social and Behavioral Sciences
After Argentina, Anna Gelpern
After Argentina, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
Argentina recently completed the largest sovereign bond restructuring in history. As soon as the government announced the results of its $100 billion tender in March 2005, editorial pages worldwide heralded a new era for sovereign debt, for the emerging markets and, occasionally, for international finance. Their views on Argentina's lessons were as disparate as they were definite. Some said the exchange would close the markets to middle-income countries. To others, it reaffirmed the markets' resilience. Some claimed it proved the need for statutory sovereign bankruptcy. Others said it clearly discredited the idea. Most spoke too soon. The deal took months …
Reform Of Imf Conditionality - A Proposal For Self-Imposed Conditionality, Ofer Eldar
Reform Of Imf Conditionality - A Proposal For Self-Imposed Conditionality, Ofer Eldar
Faculty Scholarship
The IMF has faced criticism of its expansive use of conditionality. The paper proposes a new procedure for IMF lending designed to meet these criticisms by arguing for the legalization and formalization of the procedure for IMF lending in the light of legal concepts derived mainly from national administrative laws. The gist of the procedure is that, rather than have the IMF determine loan conditions following informal negotiations with member countries, countries seeking Fund assistance will design the conditions themselves. The IMF will have specified powers under which to review these conditions. Apart from other procedural requirements, conditions will have …