This paper, presented at the D-DebtCon 2020 sovereign debt panel, examines an innovative new contractual approach to help solve the holdout problem. That problem arises, for example, when certain hedge funds—known as vulture funds—buy distressed sovereign debt at pennies on the dollar and...

During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...

During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...