This paper studies the role played by the IMF during sovereign debt restructurings and extracts lessons for future official interventions. To do so, I compare twelve recent debt restructurings. I begin by detailing the main features (“restructuring strategies”) of each episode. I then...

Remarks at the Bastiat–Hoiles Prize Dinner, New York City, NY, November 12, 2011 ; "As Bastiat wrote in the aftermath of the French Revolution of 1848, we are at risk of becoming a nation where 'the state is responsible for providing a living for everyone.' The reality is that even if this...