Jeromin Zettelmeyer

Jeromin Zettelmeyer is Assistant to the Director of the Western Hemisphere Department at the International Monetary Fund.

  • Debt Defaults and Lessons from a Decade of Crises

    Debt Defaults and Lessons from a Decade of Crises

    Federico Sturzenegger and Jeromin Zettelmeyer

    Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises.

    The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In Debt Defaults and Lessons from a Decade of Crises, Federico Sturzenegger and Jeromin Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. These accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences.

    Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture. The authors' surveys of legal and economic issues associated with debt crises, and of the crises themselves, are the most comprehensive to be found in the literature on sovereign debt and default, and their theoretical analysis is detailed and nuanced. The book will be a valuable resource for investors as well as for scholars and policymakers.

    • Hardcover $55.00

Contributor

  • The Natural Resources Trap

    The Natural Resources Trap

    Private Investment without Public Commitment

    William Hogan and Federico Sturzenegger

    Experts discuss the contractual instability resulting from commodity price volatility and its effect on private investment and public involvement.

    Volatility in commodity prices has been accompanied by perpetual renegotiation of contracts between private investors in natural resource production and the governments of states with mineral and energy wealth. When prices skyrocket, governments want a larger share of revenues, sometimes to the point of nationalization or expropriation; when prices fall, larger state participation becomes a burden and the private sector is called back in. Recent and newsworthy changes in the price of oil (which fell from an all-time high of $147 in mid-2008 to $40 by year's end) are notable for their speed and the steepness of their rise and fall, but the up-and-down pattern itself is not unusual. If the unpredictability of commodity prices is so predictable, why do contracts not allow for this with mechanisms that would provide a more stable commercial framework?

    In The Natural Resources Trap, top scholars address this question in terms of both theory and practice. Theoretical contributions range across a number of fields, from contract theory to public finance, and treat topics that include taxation, royalties, and expropriation cycles. Case studies examine experiences in the U.K., Bolivia, Argentina, Venezuela, and other parts of the world.

    Contributors Philippe Aghion, George-Marios Angeletos, Fernando Candia Castillo, Rafael di Tella, Juan Dubra, Eduardo Engel, Ramón Espinasa, Ronald Fischer, Jeffrey Frankel, Nicolás Gadano, Dieter Helm, William Hogan, Robert MacCulloch, Osmel Manzano, Francisco Monaldi, Bijan Mossavar-Rahmani, Erich Muehlegger, Fernando Navajas, Robert Pindyck, Lucía Quesada, Roberto Rigobon, Eduardo S. Schwartz, Federico Sturzenegger, Lawrence Summers, Laurence Tai, Michael Tomz, Anders B. Trolle, Louis T. Wells, Nils Wernerfelt, Mark L. J. Wright, Richard Zeckhauser, Jeromin Zettelmeyer

    • Hardcover $45.00