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Even
as the Bretton Woods Institutions are
opposed to reform of the international
financial architecture to prevent crises,
they are ardently searching for ways to
deal with the fallout of crises on sovereign
debt. C.P. Chandrasekhar, Jayati Ghosh
and Smitha Francis examine the Sovereign
Debt Restructuring Mechanism (SDRM) advocated
by the IMF, discuss the factors that motivate
those advocating it and assess the likely
consequences of its implementation.
March 31, 2003. |
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