Jérôme Sgard, Professor of Political Economy, Sciences Po, Paris, France
‘This exquisitely timed and important book returns a twice-lost
decade to its rightful place in sovereign debt theory and practice.
An urge to forget for some combined with endless casual mentions to
drain the 1980s of color and meaning in contemporary imagination.
In place of generic cutouts of systemic crisis, deadweight loss,
oppression, and financial alchemy, Jérôme Sgard offers an original
account of institutional ferment, creative agency, and fraught
politics at the root of international financial architecture.’
*Anna Gelpern, Georgetown University Law Center, Washington DC,
US*
‘The Debt Crisis of the 1980s: Law and Political Economy stands as
the definite account of the 1980s debt crisis. Carefully written
and thoroughly researched, it is a must read for anyone interested
in the subject. As new political lenders put the post-1980s debt
restructuring architecture under pressure, reading Sgard is as
vital as it is urgent.’
*Marc Flandreau, University of Pennsylvania, US*
‘This is an excellent book. It is by far the most illuminating
account of the 1980s debt crisis that I have read. A first-rate
work of historiography, drawing on new written and oral sources.
Essential to understanding the birth of the IMF as a debt crisis
manager, with implications for today and the future.’
*Jeromin Zettelmeyer, Bruegel, Belgium*
‘After every major historical event there will be a period of time
- a necessarily limited period of time - in which a chronicler will
be far enough away from the event to permit a critical assessment
of what happened but close enough in time that the principal actors
in the drama remain available for oral interviews. For the global
sovereign debt crisis of the 1980s, Professor Sgard has hit that
temporal sweet spot perfectly. His meticulous historical research
is enlightened by the personal recollections of many of the
individuals who directed and endured those events.’
*Professor (Hon.) Lee C. Buchheit, University of Edinburgh Law
School, UK*
‘Jérôme Sgard’s book is both timely, well researched and enjoyable.
It offers an insightful analysis of the first sovereign debt crisis
of the post-WWII era, combining different original perspectives.
Beyond the economic and financial dimensions, it covers accounting,
prudential, legal and sociological angles, as well as highlighting
leadership. It helps the reader meditate on the lessons to draw to
better handle the current crisis.’
*Pierre Cailleteau, Banque Lazard, Paris, France*
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