BPEA | 2002 No. 1

How Would a New Bankruptcy Regime Help?

Hal S. Scott
Hal S. Scott
Hal S. Scott Director - Committee on Capital Markets Regulation

2002, No. 1

A key issue in THE debate over reform of the international financial system
is whether to adopt a new international bankruptcy regime for sovereign
debt, and an important aspect of that debate is the lack of consensus
about the problems that such a regime would be designed to solve and
whether it would solve them. My remarks are focused on a new bankruptcy
regime rather than a new court, because the former does not necessarily
entail the latter. The authors of the three papers in this symposium
all have quite different conceptions of the problems, as do other important
Bulow’s paper