Will the Sovereign Debt Market Survive?
利用多种债务市场的理论和证据，分析当前新兴市场债务改革方案，指出削弱债权人权利可能减少对主权借款人的新资金流入。
Economic theory and evidence from a variety of debt markets shed light on current reform proposals concerning emerging market debt. Debt markets, including the U.S. municipal bond market, generally function best when the rights of creditors are protected most effectively. Since current IMF reform proposals significantly emasculate creditor rights, they are likely to have an adverse effect on the flow of new funds to sovereign borrowers.