Michael Chui and Prasanna Gai

in Private Sector Involvement and International Financial Crises

Published in print January 2005 | ISBN: 9780199267750
Published online July 2005 | e-ISBN: 9780191602504 | DOI:

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Reviews the modern debate on the international financial architecture. Reviews the financial crisis in Korea during 1997–98, which marked a watershed in the debate and encouraged policymakers to advocate debt standstills, collective action clauses, and statutory Sovereign Debt Restructuring Mechanisms (SDRM) as ways of tackling creditor coordination problems.

Keywords: collective action clauses; Korean financial crisis; SDRM; sovereign debt standstill

Chapter.  3152 words.  Illustrated.

Subjects: Financial Markets

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