How Would a New Bankruptcy Regime Help?

Hal S. Scott

Hal S. Scott Director - Committee on Capital Markets Regulation

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
protagonists.
Bulow’s paper