Academics pay little attention to international bank lending, focusing instead on rapidly growing market segments such as the international bond market and derivative credit instruments. The authors argue for paying more attention to international bank lending. Why? Three reasons. First, the...

It is easy to say that the International Monetary Fund should not resort to financial rescue for countries in crisis; this is hard to do when there is no alternative. That is where collective action clauses come in. Collective action clauses are designed to facilitate debt restructuring by the...

Increasingly, the consequences of globalization call for the involvement, not only of national governments, but of the international development community as a whole. Such involvement needs to occur within a comprehensive framework that encompasses stakeholders from government, non-governmental...

The institutions of bankruptcy have been at the center of the great economic events of the last decade, ranging from the Asian economic crisis, to the transition from socialism to capitalism. Our understanding of the economic, and legal structure of these institutions, as well as of their impact...