Kamu Dış Borç Piyasalarının Varlığı ve Reform Teklifleri

Sovereign markets are the international debt markets in which sovereign governments and private persons come together. There are 3 main fundemantals of these markets. They are those: creditors, sovereign governments, and the financial funds in order to be given as loans. Surviving of the sovereign markets in the future requires that the existance of all 3 fundemantals survive also in the future. In our papper it was foccused on the surviving of the sovereign markets in the future, and the reforms required. The reforms suggested were ordered as that: (1) the establishment of an internatioanal bankcruptcy (debt) court, (2) the transition to the traditional collaterally lending debt system in the sovereign markets, (3) the solution of the “coordination” and “free-rider” problems amongs creditors, (4) introduction of third gamer to the bargaining of debts between creditors and borrowers, (5) introduction of the “parri passu”, “seniority”, etc. principals to the orijinal debt contracts, (6) the creditor’s controlling the borrower’s new borrowing from another creditor in order to prevent the increase in the total external debt burden of the borrower, (7) the existance of “the international lender of last resort”, (8) the foundation of an international financial supervisory-regulatory system about international sovereign markets, (9) making differ both normal default from stratejic default and also the liquidity default from solvency default, (10) providing new loan from internatioanal markets in order to calm down the liquidity crisis and to recover from the crisis, (11) both the reduction in the external debt of the developping countries and making lengthen the average maturity of the debts.