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BPEA Article

First World Governments and Third World Debt


First mexico, then Asia, then Russia and Brazil. Now Argentina and
Turkey. As always when financial crises occur, questions arise about
whether first world governments should change their role in the restructuring
of third world debt, by restructuring the multilateral international
financial institutions (IFIs), creating an international bankruptcy court, or
adopting one of the many other proposals for reforming the international
financial architecture.1
Kenneth Rogoff and I wrote a series of papers addressing these and
related issues between 1988 and 1992.

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