<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6442</journal-id>
<journal-title><![CDATA[Estudios sociológicos]]></journal-title>
<abbrev-journal-title><![CDATA[Estud. sociol]]></abbrev-journal-title>
<issn>2448-6442</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de México A.C., Centro de Estudios Sociológicos]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-64422016000200273</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Propuestas de un nuevo enfoque para afrontar las crisis de deuda soberana]]></article-title>
<article-title xml:lang="en"><![CDATA[Proposals for a new approach to deal with sovereign debt crisis]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fernández]]></surname>
<given-names><![CDATA[Jorge]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,El Colegio de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2016</year>
</pub-date>
<volume>34</volume>
<numero>101</numero>
<fpage>273</fpage>
<lpage>294</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-64422016000200273&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-64422016000200273&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-64422016000200273&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo estudiamos el planteamiento de establecer un ordenamiento internacional que regule la restructuración de las deudas soberanas cuando éstas alcanzan niveles insostenibles. Examinamos las razones que explican por qué se necesita dicho ordenamiento para guiar los procesos de reestructuración de deuda, el papel de las Cláusulas de Acción Colectiva (CACS) en los contratos de deuda como posible sucedáneo de tal ordenamiento, así como la propuesta del Fondo Monetario Internacional de los años 2001-2002 y las razones de su abandono. Analizamos también la experiencia de la adopción generalizada de las CACS y sus posibles enseñanzas sobre las consecuencias de que un marco regulatorio de reestructuración de deudas sea aprobado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We study the proposal to set up a new international legal system to regulate the restructuring of sovereign debts when these debts reach unsustainable levels. We examine the reasons that explain why such a regulatory framework is needed to guide the debt restructuring processes, the role of collective action clauses (CACS) in sovereign debt contracts as possible substitutes to such a framework, as well as the 2001-2002 IMF proposal and the reasons for its abandonment. We also analyze the experience of the generalized use of CACS and their lessons for the consequences of a possible adoption of a legal system for the restructuring of sovereign debts.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[deuda soberana]]></kwd>
<kwd lng="es"><![CDATA[crisis de deuda]]></kwd>
<kwd lng="es"><![CDATA[cláusulas de acción colectiva]]></kwd>
<kwd lng="es"><![CDATA[reestructuración de deuda]]></kwd>
<kwd lng="en"><![CDATA[sovereign debt]]></kwd>
<kwd lng="en"><![CDATA[debt crisis]]></kwd>
<kwd lng="en"><![CDATA[collective action clauses]]></kwd>
<kwd lng="en"><![CDATA[debt restructuring]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Collective Action Clauses: how Do They Affect Sovereign Bond Yields?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bardozzetti]]></surname>
<given-names><![CDATA[Alfredo]]></given-names>
</name>
<name>
<surname><![CDATA[Dottori]]></surname>
<given-names><![CDATA[Davide]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>2014</year>
<volume>92</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>286-303</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Bond Restructuring and Moral Hazard: Are Collective Action Clauses Costly?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Becker]]></surname>
<given-names><![CDATA[Torbjorn]]></given-names>
</name>
<name>
<surname><![CDATA[Richards]]></surname>
<given-names><![CDATA[Anthony]]></given-names>
</name>
<name>
<surname><![CDATA[Thaicharoen]]></surname>
<given-names><![CDATA[Yunyong]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>2003</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>127-61</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bolton]]></surname>
<given-names><![CDATA[Patrick]]></given-names>
</name>
</person-group>
<source><![CDATA[IMF Staff Papers]]></source>
<year>2003</year>
<volume>50</volume>
<page-range>41-71</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Inside the Black Box: how Should a Sovereign Bankruptcy Framework be Structured]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bolton]]></surname>
<given-names><![CDATA[Patrick]]></given-names>
</name>
<name>
<surname><![CDATA[Skeel]]></surname>
<given-names><![CDATA[David A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Emory Law Journal]]></source>
<year>2004</year>
<volume>53</volume>
<page-range>763-822</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[Barry]]></given-names>
</name>
</person-group>
<source><![CDATA[Towards a New International Financial Architecture]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[Institute for International Economics]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[Barry]]></given-names>
</name>
<name>
<surname><![CDATA[Kletzer]]></surname>
<given-names><![CDATA[Kenneth]]></given-names>
</name>
<name>
<surname><![CDATA[Mody]]></surname>
<given-names><![CDATA[Ashoka]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis Resolution: Next Steps]]></source>
<year>2003</year>
<publisher-name><![CDATA[National Bureau of Economic Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Debt and Incentives in a Dynamic Context]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernández-Ruiz]]></surname>
<given-names><![CDATA[Jorge]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>1996</year>
<volume>41</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>139-51</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Comment on &#8216;Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World&#8217;]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frankel]]></surname>
<given-names><![CDATA[Jeffrey A.]]></given-names>
</name>
</person-group>
<source><![CDATA[IMF Staff Papers]]></source>
<year>2003</year>
<volume>50</volume>
<page-range>72-81</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Debt Write-Downs and Debt-Equity Swaps in a Two-Sector Model]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goldberg]]></surname>
<given-names><![CDATA[Linda]]></given-names>
</name>
<name>
<surname><![CDATA[Spiegel]]></surname>
<given-names><![CDATA[Mark]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of International Economics]]></source>
<year>1992</year>
<volume>33</volume>
<numero>34</numero>
<issue>34</issue>
<page-range>267-83</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Use of Collective Action Clauses in New York Law Bonds of Sovereign Borrowers]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gugiatti]]></surname>
<given-names><![CDATA[Mark]]></given-names>
</name>
<name>
<surname><![CDATA[Richards]]></surname>
<given-names><![CDATA[Anthony]]></given-names>
</name>
</person-group>
<source><![CDATA[Georgetown Journal of International Law]]></source>
<year>2004</year>
<volume>35</volume>
<page-range>815-36</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Sovereign Piracy]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gulati]]></surname>
<given-names><![CDATA[Mitu]]></given-names>
</name>
<name>
<surname><![CDATA[Klee]]></surname>
<given-names><![CDATA[Kenneth]]></given-names>
</name>
</person-group>
<source><![CDATA[The Business Lawyer]]></source>
<year>2001</year>
<volume>56</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>635-51</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The International Financial Architecture: Old Issues and New Initiative]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kenen]]></surname>
<given-names><![CDATA[Peter]]></given-names>
</name>
</person-group>
<source><![CDATA[International Finance]]></source>
<year>2002</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>23-45</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krueger]]></surname>
<given-names><![CDATA[Anne]]></given-names>
</name>
</person-group>
<source><![CDATA[New Approaches to Sovereign Debt Restructuring: an Update on or Thinking]]></source>
<year>2002</year>
<conf-name><![CDATA[ Sovereign Debt Workouts: Hopes and Hazards]]></conf-name>
<conf-loc>Washington </conf-loc>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krueger]]></surname>
<given-names><![CDATA[Anne]]></given-names>
</name>
</person-group>
<source><![CDATA[International Financial Architecture for 2002: a New Approach to Sovereign Debt Restructuring]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Financing vs. Forgiving a Debt Overhang: Some Analytical Notes]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[Paul]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Development Economics]]></source>
<year>1988</year>
<volume>29</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>253-68</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[A Vulture&#8217;s Gamble: High-Stakes Interpretation of Sovereign Debt Contracs in NML Capital, Ltd V Republic of Argentina]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Monteleone]]></surname>
<given-names><![CDATA[Theresa]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Markets Law Journal]]></source>
<year>2013</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>149-65</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Richards]]></surname>
<given-names><![CDATA[Anthony]]></given-names>
</name>
<name>
<surname><![CDATA[Gugiatti]]></surname>
<given-names><![CDATA[Mark]]></given-names>
</name>
</person-group>
<source><![CDATA[International Finance]]></source>
<year>2003</year>
<volume>6</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>415-47</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[Jeffrey D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Do We Need an International Lender of Last Resort]]></source>
<year>1995</year>
<publisher-loc><![CDATA[Princeton ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[Jeffrey D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Debt Overhang of Developing Countries]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Findlay]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Kouri]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Braga de Macedo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Debt, Stabilization and Development. Essays in Memory of Carlos Díaz-Alejandro]]></source>
<year>1989</year>
<page-range>80-102</page-range><publisher-loc><![CDATA[Cambridge ]]></publisher-loc>
<publisher-name><![CDATA[Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[Jeffrey D.]]></given-names>
</name>
<name>
<surname><![CDATA[Huizinga]]></surname>
<given-names><![CDATA[Harry]]></given-names>
</name>
</person-group>
<source><![CDATA[US Commercial Banks and the Developing Country Debt Crisis]]></source>
<year>1987</year>
<page-range>555-601</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
