It is now widely acknowledged that under certain circumstances debt reduction can improve the welfare of both creditors and debtors. Meaningful debt reduction requires an appropriate institutional setting to overcome collective action problems. In the domestic economy, bankruptcy laws provide the framework for organizing the collective interests of the creditors when a debtor is distressed. No such institutional framework exists in the international...
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INFORMATION
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1989/05/31
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Document de travail de recherche sur les politiques
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WPS194
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1
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1
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2010/07/01
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Efficient debt reduction
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debtor country