<?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>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362016000100163</article-id>
<article-id pub-id-type="doi">10.1016/j.rpd.2016.01.008</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿Es posible mejorar la reestructuración de las deudas soberanas?]]></article-title>
<article-title xml:lang="fr"><![CDATA[Est-il possible d'améliorer le rééchelonnement des dettes d'états souverains?]]></article-title>
<article-title xml:lang="pt"><![CDATA[É possível melhorar a reestruturação das dívidas soberanas?]]></article-title>
<article-title xml:lang="ch"><![CDATA[&#26032; &#20027;&#26435;&#20538;&#21153;&#30340;&#37325;&#32452;&#26377;&#21487;&#33021;&#25913;&#21892;&#21527;&#65311;]]></article-title>
<article-title xml:lang="en"><![CDATA[Is It Possible to Improve Sovereign Debt Restructuring?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Nudelsman]]></surname>
<given-names><![CDATA[Susana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Buenos Aires  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>AR</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<volume>47</volume>
<numero>184</numero>
<fpage>163</fpage>
<lpage>185</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362016000100163&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362016000100163&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362016000100163&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Las crisis de deudas soberanas constituyen una de las grandes disfuncionalidades de la globalización financiera actual. La evolución de los mercados internacionales de crédito soberano agregó complejidad a los procesos de reestructuración de deudas soberanas. A diferencia de las bancarrotas empresarias, los incumplimientos de deudas soberanas tienen implicaciones macroeconómicas nacionales y globales de carácter sistémico. El enfoque contractual de reestructuración de deudas soberanas vigente puede ser cada vez menos potente en superar los problemas de acción colectiva. Sin embargo, ésta es la única opción viable en la actualidad. Las propuestas recientes por parte del International Capital Market Association (ICMA) pueden mejorar sustancialmente dicho enfoque. Aunque interesante como idea, la alternativa estatutaria es aún impractcable.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[RésuméLes crises d'endettement d'États souverains sont un des grands dysfonctionnements de la globalisation financière actuelle. L'évolution des marchés internationaux de crédit concédé à des États souverains a accru la complexité des processus de rééchelonnement des dettes de ces derniers. A la différence des faillites d'entreprises, les défauts de paiement des dettes d'États ont des implications macroéconomiques nationales et globales de caractère systémique. La démarche contractuelle en vigueur pour le rééchelonnement de telles dettes peut s'avérer de moins en moins efficace pour surpasser les problèmes d'action collective. Cependant, c'est la seule option viable actuellement. Les propositions récentes de l'International Capital Market Association (ICMA) peuvent améliorer substantiellement cette démarche. Bien que l'idée soit intéressante, l'alternative statutaire demeure impraticable pour le moment.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[A crise das dívidas soberanas são uma das grandes disfuncionalidades da globalização financeira atual. A evolução dos mercados internacionais de crédito soberano adicionou complexidade aos processos de reestruturação das dívidas soberanas. Diferentemente das falências empresariais, o incumprimento das dívidas soberanas tem implicações macroeconômicas nacionais e globais de caráter sistêmico. A abordagem contratual vigente de reestruturação de dívidas soberanas pode ser cada vez menos potente para superar os problemas de ação coletiva. No entanto, esta é a única opção viável na atualidade. As propostas recentes feitas pela International Capital Market Association (ICMA) podem melhorar substancialmente dita abordagem. Mesmo sendo interessante como ideia, a alternativa estatutária é ainda impraticável.]]></p></abstract>
<abstract abstract-type="short" xml:lang="ch"><p><![CDATA[&#25688;&#35201;&#20027;&#26435;&#20538;&#21153;&#21361;&#26426;&#26159;&#24403;&#20170;&#37329;&#34701;&#20840;&#29699;&#21270;&#30340;&#19968;&#22823;&#21151;&#33021;&#38556;&#30861;&#12290;&#22269;&#38469;&#20027;&#26435;&#20449;&#29992;&#24066;&#22330;&#30340;&#21457; &#23637;&#28436;&#21464;&#22686;&#21152;&#20102;&#20027;&#26435;&#20538;&#21153;&#37325;&#32452;&#30340;&#22797;&#26434;&#24615;&#12290;&#19982;&#20225;&#19994;&#30772;&#20135;&#19981;&#21516;&#65292;&#20027;&#26435;&#20538;&#21153;&#36829;&#32422;&#26263; &#21547;&#22269;&#23478;&#24615;&#21450;&#20840;&#29699;&#24615;&#12289;&#31995;&#32479;&#21270;&#30340;&#23439;&#35266;&#32463;&#27982;&#38382;&#39064;&#12290;&#29616;&#34892;&#30340;&#37319;&#29992;&#21512;&#21516;&#26041;&#27861;&#23545;&#20027;&#26435; &#20538;&#21153;&#36827;&#34892;&#37325;&#32452;&#30340;&#20570;&#27861;&#65292;&#26377;&#21487;&#33021;&#22312;&#20811;&#26381;&#38598;&#20307;&#24615;&#38382;&#39064;&#20013;&#36234;&#26469;&#36234;&#19981;&#22815;&#26377;&#25928;&#12290;&#28982;&#32780; &#36825;&#26159;&#30446;&#21069;&#21807;&#19968;&#21487;&#34892;&#30340;&#26041;&#27861;&#12290;&#22269;&#38469;&#36164;&#26412;&#24066;&#22330;&#21327;&#20250;&#36817;&#26399;&#25552;&#20986;&#30340;&#24314;&#35758;&#21487;&#20197;&#22823;&#24133;&#24230; &#23436;&#21892;&#36825;&#19968;&#26041;&#27861;&#12290;&#23613;&#31649;&#21046;&#23450;&#27861;&#35268;&#31456;&#31243;&#26159;&#20010;&#19981;&#38169;&#30340;&#24819;&#27861;&#65292;&#20294;&#26159;&#20316;&#20026;&#26367;&#20195;&#25514;&#26045;&#65292; &#36825;&#19968;&#26500;&#24819;&#30446;&#21069;&#20173;&#28982;&#26159;&#34892;&#19981;&#36890;&#30340;&#12290;]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Sovereign debt crises constitute one of the most pressing shortcomings in the current state of financial globalization. The evolution of international sovereign credit markets has made sovereign debt restructuring processes more complex. Unlike in corporate bankruptcies, sovereign debt defaults entail systemic national and global macroeconomic implications. The current contractual approach to sovereign debt restructuring may become increasingly less effective in overcoming problems requiring collective action. However, this is the only viable option at present. Recent proposals from the International Capital Market Association (ICMA) could substantially improve this approach. Although interesting as an idea, the statutory alternative is still not feasible.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[deudas soberanas]]></kwd>
<kwd lng="es"><![CDATA[deuda pública]]></kwd>
<kwd lng="es"><![CDATA[reestructuración]]></kwd>
<kwd lng="es"><![CDATA[fondos buitre]]></kwd>
<kwd lng="es"><![CDATA[sistema financiero internacional]]></kwd>
<kwd lng="fr"><![CDATA[dettes d&#8217;États souverains]]></kwd>
<kwd lng="fr"><![CDATA[dette publique]]></kwd>
<kwd lng="fr"><![CDATA[rééchelonnement]]></kwd>
<kwd lng="fr"><![CDATA[fonds charognards]]></kwd>
<kwd lng="fr"><![CDATA[système financier international]]></kwd>
<kwd lng="pt"><![CDATA[dívidas soberanas]]></kwd>
<kwd lng="pt"><![CDATA[dívida pública]]></kwd>
<kwd lng="pt"><![CDATA[reestruturação]]></kwd>
<kwd lng="pt"><![CDATA[fundos abutres]]></kwd>
<kwd lng="pt"><![CDATA[sistema financeiro internacional]]></kwd>
<kwd lng="ch"><![CDATA[&#20027;&#26435;&#20538;&#21153;]]></kwd>
<kwd lng="ch"><![CDATA[&#20844;&#20849;&#20538;&#21153;]]></kwd>
<kwd lng="ch"><![CDATA[&#37325;&#32452;]]></kwd>
<kwd lng="ch"><![CDATA[&#31171;&#40555;&#22522;&#37329;]]></kwd>
<kwd lng="ch"><![CDATA[&#22269;&#38469;&#37329;&#34701;&#20307;&#31995;]]></kwd>
<kwd lng="en"><![CDATA[Sovereign debt]]></kwd>
<kwd lng="en"><![CDATA[public debt]]></kwd>
<kwd lng="en"><![CDATA[restructuring]]></kwd>
<kwd lng="en"><![CDATA[vulture fund]]></kwd>
<kwd lng="en"><![CDATA[international financial system]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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