췢믣샭싛폫헾닟呈䕏剙⁁乄偏䱉䍙㈰〱쓪ㄱ퓂ꎬ맺볊믵뇒믹뷰ퟩ횯⡉䵆?뗚튻횴탐뢱ퟜ닃낲쓝ꆤ뿢슳틀룱퓚䥍?뗄맺볒웆닺믺훆뮪쪢뛙랢뇭퇝붲ꎬ쿪쾸닻쫶쇋쇮죋헰뺪뗄맺볒햮컱ꆰ웆닺믺훆ꆱꆣ뿢슳틀룱쮵ꎬ죧ꇵ?훓?캰맻튻룶맺볒뻵뗃쯻쏇틑뺭뒦폚컞솦뎥뮹폐쯄룶ꎬ튻쫇햮좨죋늻쓜춨맽쿲놾맺램죧뫎뾴듽䥍?췆돶뗄맺볒웆닺볆뮮ꎿ듻뿮뗄뗘늽ꎬ뻍펦룃폐튻훖믺훆살놣뮤풺웰쯟ꎬ살튪쟳햮컱맺뎥뮹햮컱ꎻ뛾쫇뗚튻ꎬ헢쿔쪾돶䥍?뗄좷컞틢볌탸돤죎좫햮컱맺ꎬ쪹웤퓚튻뚨웚쿞쓚뇜뾪폫햮좨햮컱맺폫햮좨죋횮볤뗄첸에뇘탫볡돖릫쟲ꆰퟮ뫳듻뿮죋ꆱ뗄뷇즫ꎬ뛸쫇쾣췻맺볒맺뗄램싉뻀럗ꎬ춨맽첸에쪵쿖햮컱훘ퟩꆣ욽뗄풭퓲ꎬ늻쓜욫첻죎뫎튻랽ꎻ죽쫇맄웆닺믺훆쓜릻맄샸쓇킩욶쟮실뫳뗄햮컱맺뿢슳틀룱뇭쪾컷랽웟맺훐ꎬ틑폐쏀펢뗈샸햮컱맺볌탸쿲풭살뗄햮좨맺뷨듻ꎻ쯄뫍햮좨맺ퟔ벺킭짌뷢뻶컊쳢ꎬ뛸늻튪쪲쎴쯄맺뛔헢튻랽낸뇭쪾횧돖ꆣ䥍?퓚떱쪱쫇뷢뻶햮컱뗄킭틩횻탨튪평뻸듳뛠쫽햮쫂쟩뚼튪ퟮ훕틀뾿䥍?놸쫜헹틩뗄뻈풮볆탻늼듋짨쿫ꎬ튲탭쿔쪾돶듋랽낸뗃떽쇋좨맺튻훂춨맽뛸늻쫇좫쳥춨맽ꎨ䅮湥뮮ꆣ뗚뛾ꎬ뿢슳틀룱쳡돶뗄맺볒웆닺볆뮮늼쪲헾뢮뗄횧돖ꎬ뿢슳틀룱놾죋쫇늼쪲䭲略来?ꎬ㈰〲ꎩꆣ죔좻탨튪퓚䥍?쓚믱뗃㠵?틔짏뗄뛠쫽욱헾뢮쳡쏻돶죎䥍?횴탐뢱ퟜ닃튻횰뗄죧맻맺볒웆닺볆뮮뗃틔쪵쪩ꎬ웤펰춨맽닅탐ꆣ벴뇣죧듋ꎬ䥍?뮹탨튪쮵럾듽ꎨ뚡룕ꎬ㈰〱ꎩꆣ쿬죧뫎ꎿ뇪ힼ웕뛻퓚㈰〲쓪?퓂뗗랢늼뗄뻈훺맺폐탅탄뫍웤햮좨죋첸에ꎬ헢붫쫇벫웤쪵ꎬ맺볒웆닺늢럇튻룶좫탂뗄룅ꆶ좫쟲훷좨햮컱늻싄탐놨룦ꆷ훐횸돶ꎬ퓚뛔웤벬쫖뗄쫂쟩ꎬ뛸햮좨죋뛔햮컱맺뗄쯟쯏쓮ꎬ퓚잰킩쓪뻍폐뷰죚톧볒맄뒵ꎬ맺볊짧좫쟲㜰뛠룶맺볒뫍뗘쟸뗄훷좨햮컱싄탐뫍헹틩뗈ꎬ룼탨튪튻룶䥍?횮췢뗄ꆢ뛀솢믡펦듙쪹컞램싄탐햮컱뗄맺볒쿱릫쮾쓇퇹쟩뿶뷸탐뗷닩뫳ꎬ좫쟲릲폐쇹룶맺볒퓚뗄맺볊쮾램믺릹살쫜샭ꆣ뗚죽ꎬ탭뛠맺볒쪵쪩ꆰ맺볒웆닺ꆱꆣ헢뻍탨튪붨솢튻훖ꆰ웆㈰〲쓪잰죽룶벾뛈샯늻쓜내쪱뎥뮹떽웚뗄붫쏦쇙훷좨죃뛉뗄쳴햽ꆣ랽낸붫튪쟳햮좨닺놣뮤ꆱ뗄맺볊뷰죚믺훆ꎬ죃쓇킩뢺햮샛햮컱ꎬퟜ릲잷햮듯ㄳ㌰틚쏀풪ꎬ벸뫵뇈맺탞룄놾맺램싉ꎬ쪹햮좨죋늻퓙펮뗃쯟샛뗄맺볒뗃틔짪쟫ꆰ웆닺놣뮤ꆱꎬ늢쪹햮컱㈰〱쓪춬웚뗄㜴?틚쏀풪랭쇋튻랬ꎬ듓뛸쯏ꆣ뛸햮컱뗄훘ퟩ튲늻믡쫇튻볾쟡쯉뗄쫂맺쓜릻뺡뿬ퟟ돶캣믺ꆣ헢룶랽낸훷튪뾼싇쪹좫쟲컞솦뎥뮹햮컱뗄맺볒ퟜ쫽듯떽쇋㈸쟩ꎬ䥍?뫍햮좨죋믡쳡돶탭뛠뿁뿌뗄튪쟳ꎬ쇋틔쿂튻킩틲쯘ꎺ?ꆢ듋랽낸횼퓚룸햮컱맺룶ꆣ쯹캽훷좨햮컱늻싄탐ꎬ뻍쫇횸맺볒잷헢믡짦벰햮컱맺뗄뺭볃룄룯쓋훁룼맣랺뗄튻룶뒭쾢뗄믺믡ꎬ뮹뿉틔럀횹햮컱맺캪쇋햮떽웚컞램뎥뮹ꎬ짵훁컞솦뎥뮹샻쾢ꎬ쪵닣쏦ꎬ뛔탭뛠랢햹훐맺볒살쮵ꎬ헢뫜뿉쓜헕맋쒳킩햮좨맺뗄샻틦ꎬ뛸컾짼쇋웤쯻햮볊짏튲뻍뗈폚쫇ꆰ맺볒웆닺ꆱꆣ횵뗃힢틢뗄믡퇝뇤캪튻룶헾훎컊쳢ꎨ䅬慮⁂敡瑴楥ꎬ좨맺뗄샻틦ꆣ쯼춬쪱튲뿉틔뇜쏢햮좨맺늻쫇ꎬ본폚㈰〲쓪쫀뷧뺭볃뗄늻뺰웸뫍랢햹㈰〱ꎩꆣ뗚쯄ꎬ뛔훐맺뛸퇔ꎬ웤펰쿬짵캢ꎬ쾧튻쟐듺볛ힷ쯷햮컱ꎬ늢춨맽램싉쫖뛎살훐맺볒햮컱ힴ뿶뗄뛱뮯ꎬꆰ웆닺맺ꆱ뿉쓜믡뇏뺹훐맺췢햮뗄맦쒣ꆢ뷡릹틔벰럧쿕횸뇪햼좡햮컱맺뗄닺ꎬ틽웰맺볒횮볤뗄돥퓚뷱뫳튻뛎쪱볤쓚볌탸퓶볓ꆣ뗈뻹쿠떱컈붡ꆣ퓚뇪ힼ웕뛻뗄ꆶ좫쟲훷좨춻ꎬퟮ훕쪹뢺햮맺컞솦뷸탐햮컱훘ퟩꆣ?ꆢ퓚뇪ힼ웕뛻릫늼쇋㈸맺뫍뗘쟸뇴쇙햮컱늻싄탐놨룦ꆷ훐ꎬ뇪ힼ웕뛻붫훐맺뗄듋랽램뿉틔럀횹뷰죚캣믺뗄싻퇓ꆣ내헕ꆰ맺볒웆닺ꆱ뫳?쫀뷧틸탐뫍䥍?뗄쓪믡헙췢햮뎥뮹쓜솦캬돖퓚䉂?벶ꎬ쫇냋룶뗈벶ꆰ웆닺놣뮤믺훆ꆱ랽낸ꎬ햮컱맺튻떩짪쟫쇋뾪ⱉ䵆뗄ㄸ?룶돉풱맺듯돉튻훂?튪쟳웴훐뗄뗚쯄벶ꎬ헢뇭쏷뇪ힼ웕뛻죏캪훐맺퓚ꆰ웆닺놣뮤ꆱꎬ뻍뇘탫톸쯙쪵쪩퇏룱뗄췢믣뚯튻쳗좫탂뗄맺볒웆닺믺훆?벴쿝죫뷰죚뷼웚쓚늻믡돶쿖뎥뢶햮컱뗄쓜솦캣믺ꆣ떫맜샭ꎬ늢춨맽벸룶퓂뗄첸에살훘ퟩ햮컱ꆣ캣믺뗄맺볒퓚즥쪧뎥뮹췢햮뗄쓜솦뫳?뿉듓ퟜ쳥짏붲ꎬ맺볒웆닺믺훆튻떩쪵쪩ꎬ뿉헢퇹뻍뿉틔룴뛏뷰죚캣믺뗄뒫좾ꎬ춬쪱폐틔탻늼웆닺놣뮤?웤뫳䥍?뿉틔잿훆햮좨쓜쪹뗃랢햹훐맺볒컼틽췢뗄쫆춷폐쯹뇘튪짨솢튻룶뛀솢뗄쮾램믺릹살뷢뻶햮컱죋닎볓첸에?룸폨웆닺맺룼볓뿭쯉뗄뮹뿮쿷죵ꆣ맺뫍햮좨맺횮볤뿉쓜돶쿖뗄럗헹?Sayantan쳵볾ꆣꎨퟷ헟떥캻ꎺ놱뺩쪦랶듳톧뷰죚퇐뺿훐탄ꎩGhosal and Marcus Miller£¬㈰ꎩ〲ꆣ떱좻ꎬ맺볊뷰죚톧뷧랴뛔맺볒웆닺헟튲듳폐죋퓚ꆣ닎뾼컄쿗ꎺ㈰〲쓪?퓂ꎬ뿢슳틀룱퓚늼샗뛙즭1 Alan Beattie:Bankruptcy plan leaves IMF to fill in the detail,Financial Times, November 29, 2001쇖캯풱믡쓪믡짏뷸튻늽뷢쫍쮵ꎬ맺볒웆2 Anne Krueger:Sovereign Debt Restructuring and Dispute Resolution,Speech at Bretton Woods Committee Annual닺볆뮮뿉틔퓚맺볊뷰죚쾵춳훐쳮늹튻룶Meeting,Washington DC, June 6, 2002ꆰ뻞듳뗄헦뿕ꆱꎬ틲캪쒿잰뗄쫀뷧뷰죚쾵3 Sayantan Ghosal and Marcus Miller:Co-ordination Failure, Moral Hazard and Sovereign,Bankruptcy춳쎻폐쳡릩햮컱닸짭뗄맺볒뿉틔탻늼웆Procedures,Deparment of Economics, University of Warwick,July 21, 2002닺뗄믺훆ꆣ뛸쪵쪩ꆰ맺볒웆닺ꆱ뗄풭퓲?ꆢ뚡룕ꎺ䥍?붫룸햮컱맺훘헻웬맄뗄믺믡?맺볒붫뿉짪쟫ꆰ웆닺ꆱ?ꆶ뮷쟲쪱놨ꆷ㈰〱ⴱ㈭〴㈴䙏剅䥇丠䕘䍈䅎䝅′〰㌮?
