New international financial architecture: New instruments to prevent and cope with financial and debt crises
This project addressed the need for a reform of the international financial architecture due to the welfare losses after the crisis and the tendency to endanger the stability of the international financial system.
Project description
The financial crisis has pointed unmistakably to the need for a reform of the international financial architecture since the crisis has led to major welfare losses in the affected countries and has tended to endanger the stability of the international financial system. As developing and emerging countries have considerably gained importance for the international financial markets, it is crucial to develop a set of instruments incorporating these countries. Two innovative instruments, which however have not yet been implemented, are a voluntary code of conduct and an international insolvency procedure for sovereign states. The resolution of past crises was often ad hoc and complicated and thus generated undue costs for both debtors and creditors. An insolvency procedure and an appropriate code of conduct should define and ease restructuring processes.
This project will deal with the following questions:
- Which risks arise for developing and emerging markets in the international financial markets?
- Which instruments are missing in the international financial architecture to stabilize international financial markets?
Publications
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International sovereign insolvency procedure: a comparative look at selected proposals
Berensmann, Kathrin / Angélique Herzberg (2009)
in: Journal of Economic Surveys 23(5), 856-881 -
Insolvenzrecht für Staaten: ein Vergleich von ausgewählten Vorschlägen
Berensmann, Kathrin / Angélique Herzberg (2007)
Discussion Paper 9/2007 -
A proposal for a new International Debt Framework (IDF) for the prevention and resolution of debt crisis in middle-income countries
Berensmann, Kathrin / Frank Schroeder (2006)
Discussion Paper 2/2006 -
Bericht über die Konferenz 'Bemühungen um ein neues internationales Insolvenzverfahren: Perspektiven und Möglichkeiten'
Berensmann, Kathrin (2003)
in: Joachim Müller (Hrsg.), Bemühungen um ein neues internationales Insolvenzverfahren: Perspektiven und Möglichkeiten; Internationaler Politik Dialog 21.-22. Februar 2003, Diskussionsbericht, Berlin: BMF/BMZ/IMF, 25-44 -
Insolvenzverfahren: Vorschlag des IWF geht nicht weit genug
Berensmann, Kathrin (2003)
in: E+Z Entwicklung und Zusammenarbeit 44 (4) -
Report on the conference: new sovereign debt restructuring mechanisms; challenges and opportunities
Berensmann, Kathrin (2003)
in: InWEnt (ed.), New sovereign debt restructuring mechanisms, international policy dialogue summary report, Berlin: InWent -
Sovereign debt restructuring mechanism: IMF proposal does not go far enough
Berensmann, Kathrin (2003)
in: D+C Development and Cooperation 30 (4) -
Die Einbindung privater Gläubiger in die Prävention und Bewältigung von internationalen Verschuldungskrisen
Berensmann, Kathrin (2003)
07/2003 -
Involving private creditors in the prevention and resolution of international debt crises
Berensmann, Kathrin (2003)
08/2003 -
International debt crises: new instruments designed to restructure sovereign bond issues
Berensmann, Kathrin (2003)
Briefing Paper 4/2003 -
Russische Währungs-, Finanz- und Schuldenkrise
Berensmann, Kathrin (1999)
Köln: Deutscher Institutsverlag (Beiträge zur Wirtschafts- und Sozialpolitik 248) -
Asiatische Währungs- und Finanzkrise: Ursachen, Auswirkungen und Lösungsansätze
Berensmann, Kathrin / Nicolas Schlotthauer (1998)
Köln: Dt. Inst.-Verl. (Beiträge zur Wirtschafts- und Sozialpolitik 245)